- DBS Bank will launch a trading platform with Bitcoin (BTC), Ethereum (ETH) and XRP, according to a deleted post.
- The DBS Digital Exchange platform will be supported by the Monetary Authority of Singapore and will operate as a “traditional” exchange.
A media report from The Block reveals the launch of a cryptocurrency exchange platform by Southeast Asia’s largest bank, DBS. Called DBS Digital Exchange (digi ex), the platform opens trading with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and XRP.
According to the report, the news was discovered after the exchange’s website was published. Currently the page has been deleted. However, it was possible to verify that the Monetary Authority of Singapore supports the launch of the platform, according to information on the deleted post.
Users will be able to trade reference cryptocurrencies using the following fiat currencies: Singapore dollar (SGD), Hong Kong dollar (HKD), Japanese yen (JPY) and US dollar (USD). An additional feature will be added in the future, the Token Security Offer (STO). These tokens will be backed by “real world assets”. For example, stocks, art, real estate, among others. According to the report, the page states:
Digital assets are destined to be the future of the digital economy of tomorrow. With DBS Digital Exchange, a digital exchange backed by banks, businesses and investors can now leverage an integrated ecosystem of solutions to harness the enormous potential of private markets and digital currencies.
Digi ex will work like a traditional exchange
The platform will be directly available to institutional investors. This includes financial and banking institutions and market makers. However, a retail investor will need to access the platform with one of the DBS affiliates. For example, DBS Vickers Securities and DBS Private Bank.
Additionally, investors will be able to trade on the platform during more traditional hours. Trading will be closed on weekends. On weekdays, trading will only be possible from 9:00 to 16:00. Speaking of custody of cryptocurrencies, the bank says:
Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are held at DBS Bank, which is globally recognized for its custody services.
In the announcement, it is revealed that DBS has a custody solution called DBS Digital Custody with an “institutional” grade. Three Arrows Capital CEO Su Zhu and founder of Digital Currency Group, Grayscale’s parent company, Barry Silbert, said the news is hugely important to the cryptocurrency market. Zhu She said:
DBS, Singapore’s largest retail and commercial bank, has launched its cryptocurrency / fiat exchange! This will instantly become the easiest entry ramp for those doing banking in Singapore.