DBS Bank, Singapore’s largest bank in terms of assets under management, believes the future belongs to digital assets. The bank announced its plans to launch its own cryptocurrency exchange.
The exchange, called DBS Digital Exchange, will, for starters, support five major cryptocurrencies, namely Bitcoin, Bitcoin Cash, XRP, Ethereum, and Ethereum Classic. Out of the fiat currencies, it will support the US dollar, Hong Kong dollar, Japanese yen, and Singapore dollar. The bank announced that the exchange is already working with the Monetary Authority of Singapore, which plays the role of a Singaporean central bank. Information about this was published but then disappeared from the bank’s official webpage. However, an archived version of the publication has been preserved on the web.
DBS Digital Exchange will simply be a platform and won’t own any assets itself. All digital assets will be held at DBS Bank, an internationally recognized custodian provider. In addition, the DBS crypto exchange will enable small and medium-sized companies, as well as large corporations, to issue their own securities tokens.
Being an entity that is under regulation by the Monetary Authority of Singapore, DBS highlighted that the new service would offer “a range of benefits, including institutional-grade security.” Furthermore, the exchange will be reliably safeguarded from fraudulent activities, with strict adherence to anti-money laundering laws and precautions for terrorist financing.
DBS Bank is considered the largest bank not just in Singapore, but throughout all Southeast Asia. The market capitalization of the parent company of the DBS Group bank is $54.1 billion.
