DBS, the biggest bank in Singapore and Southeast Asia, has finally launched its cryptocurrency exchange. The Singapore Stock Exchange is also behind the project.
Singapore’s DBS bank embarks on cryptocurrency
The news comes as no surprise: DBS bank accidentally revealed its plans for a cryptocurrency exchange in October. But it was awaiting approval from the regulators who monitor this type of service in Singapore.
It’s now done. According to a company press release, the exchange will be available soon … But only for accredited and institutional investors . The exchange platform will support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP from Ripple. Four fiat currencies will also be accepted: SGD, USD, HKD and JPY.
As had already been discovered, the bank will also offer companies to issue security tokens in order to finance themselves. Finally, a cryptocurrency custody service will complete the offer of the Bank of Singapore.
The Singapore Stock Exchange behind the project
The Singapore Stock Exchange (SGX) also helped support the project: it holds 10% of the exchange created by DBS. As the press release reminds us, the daily volume of cryptocurrencies on all global exchanges represented 50 to 10 0 billion dollars in 2019. This is why the CEO of the DBS group , Piyush Gupta, considers that it is a market with do not miss :
“ The exponential rate at which digital assets are growing provides immense opportunities for transforming capital markets. In order for Singapore to become even more competitive as a global financial hub, we must prepare for the global adoption of digital assets and currency trading. ”