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DBS, Singapore’s largest retail and commercial bank, appears to be entering the cryptocurrency industry with three new offerings.
According to information seen by Cointelegrpah, DBS is launching cryptocurrency trading and custody, as well as a platform to conduct security token offerings.
According to a description of the platform seen by Cointelegraph, DBS’s next cryptographic service – the DBS Digital Exchange – will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC). )).
Supported fiat currencies include the United States dollar, Singapore dollar, Hong Kong dollar, and Japanese yen.
DBS Digital Exchange will not hold any assets in itself, however, “all digital assets are held at DBS Bank, which is globally recognized for its custody services.”
The DBS Digital Exchange will also allow small and medium-sized businesses and large corporations to issue security tokens.
As a regulated company by the Monetary Authority of Singapore, DBS noted that its upcoming cryptographic service will offer “distinct benefits such as institutional-grade security assurance.” According to the document, the upcoming bank-backed exchange also aims to provide robust measures to prevent fraudulent activity and maintain strict compliance with anti-money laundering and terrorist financing regulations.
DBS did not immediately respond to Cointelegraph’s request for comment.
