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A now-deleted webpage announcing that Singapore’s largest bank plans to launch a “digital exchange” to support cryptocurrency trading is the latest sign of the growing institutional adoption of virtual currencies.
The document, which appeared briefly on DBS’s website, announced that the new exchange will support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic, (ETC) and Ripple (XRP), along with fiat currencies. . of Singapore, Japan, Hong Kong and the United States. The announcement also noted plans to support asset-backed security tokens.
Speaking to Cointelegraph, JST Capital co-founder Todd Morakis described the move as a likely catalyst for other major banks and financial firms in the Asian region to reveal their strategies for the cryptocurrency sector within “the next three to six months. “.
“You will see other banks come out and start saying what they intend to do [crypto] It is really going mainstream. “
Morakis noted that on the specified page the exchange will be regulated by the Monetary Authority of Singapore (MAS). Although details on the type of license the exchange is looking for were not included, Morakis said he believes the exchange will include the first digital asset exchange “in Southeast Asia that is regulated”.
Morakis stressed that DBS’s digital exchange will offer a trusted fiat on-and-off-ramp for a wider audience to access the crypto sector, expecting the platform to be seen as “a direct link to DBS’s wealth management.”
“It is now a ramp to allow more community members to access to invest in this asset class and engages the banking community […] I think people who have not entered the crypto space will feel very comfortable trading on the DBS exchange. “
The JST co-founder also expects DBS Digital Exchange to reach beyond Singapore, stating, “For DBS to support it, it will be for its customers who are everywhere.”
Morakis described the last month as one of the most significant for institutional adoption in the digital asset industry, noting Square’s recent $ 50 million investment in Bitcoin and PayPal announcing plans to launch cryptocurrency trading services. in 2021.
