Singapore’s DBS Bank plans to launch a crypto exchange
Singapore’s banking stalwart DBS, formerly known as Development Bank of Singapore, is mulling over launching a crypto exchange.
A cached page, which was erroneously uploaded and later pulled down, notified DBS’ plans to kickstart the DBS Digital Exchange. Reportedly, the exchange will be “an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies”.
From the leak, the digital exchange ecosystem will include four fiat currencies – Singapore Dollar, Hong Kong Dollar, Japanese Yen, and the US Dollar – along with four cryptocurrencies – Bitcoin, Ethereum, XRP, and Bitcoin Cash.
Moreover, the proposed digital exchange will also hold security tokens in the future. These tokens would include crypto tokens backed by real assets, like equities and real income. Businesses will be able to raise money by issuing these digital tokens.
DBS, arguably one of the largest banking institutions by asset base, promises that it will not rely on the Digital Exchange to hold the virtual assets. Instead, the bank will create an industry-grade custodial agency called the DBS Digital Custody for this very purpose.
Most importantly, the Monetary Authority of Singapore, the city-state’s central bank has regulated the DBS Digital Exchange.
Binance chief Changpeng Zhao called DBS’ move “a step in the right direction”, as he took to Twitter to propagate the mistaken-announcement. The winds of the coronavirus pandemic seem to have helped DBS sail towards broader avenues in the fintech sector. Only a month ago, the bank launched AI-powered services for better customer service.
DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange.
— CZ Binance (@cz_binance) October 27, 2020
Moreover, the crypto industry is set to prosper with the entry of financial giants like DBS and PayPal, which announced its decision to start crypto trading services a few days ago.