One of the biggest banks in Singapore, the financial hub and hotspot of Asia, has also announced its decision to go the crypto way!
DBS, Singapore’s biggest and the most relied upon names in the financial circles is all set to launch a fiat-to-crypto currency exchange. The new exchange will be called the DBS Digital exchange marking its association with the exchange. The new trading platform will allow the users to trade in four crypto assets namely bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and XRP — against Singapore dollar (SGD), Hong Kong dollar (HKD), Japanese yen (JPY) and U.S. dollar (USD).
As per confirmed reports, the exchange will conduct security token offerings (STO) also once this begins because it will help firms raise funds. The webpage containing the information now stands deleted though. The retained cached version of the webpage read:
“Digital assets are poised to be the future of tomorrow’s digital economy. With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.”
In order to safeguard the funds as well as to ensure that the custody of the customer’s funds is enabled without hiccups, DBS Digital Exchange will also utilize the services of its parent DBS Bank. In order to ensure this is done, the webpage mentions that it has deployed DBS Digital custody. It is a highly-graded custody solution that will be customized for safeguarding digital assets.
The FAQ section of the webpage clearly indicates that the DBS Digital exchange will be directly available to all institutional investors which will include financial institutions, professional market makers. But, retail investors on the other hand would first have to access the platform through a DBS member such as DBS Vickers Securities and DBS private bank.
The DBS Digital Exchange will not hold any assets by itself, but instead, “all the digital assets are kept at DBS bank which is globally recognized for its custodial services.” It will also allow enterprises of all sizes-small, medium, and large to issue security tokens.
As a company regulated by the Monetary Authority of Singapore, DBS further enumerated that its well-researched and newly upcoming crypto solutions and service will proffer “distinct advantages such as the assurance of institutional-grade security.” The newly conceptualized and soon-to-be existent bank-backed exchange will also provide strong measures to prevent fraudulent activities. It also will aim to strictly work at measures to comply with Anti-money laundering and Counter-terrorist financing regulations as per the document.
The exchange, as compared to other crypto exchanges in the market existing today, will not encourage or allow trading on the weekends. On weekdays, the trading hours of the exchange will be limited from 9 am to 4 pm which is similar to the stock exchange timings globally.
The inclusion of Bitcoin has further added more weightage to the world’s oldest cryptocurrency especially when it has already become an institutional favorite and also included in PayPal’s new-age crypto solution for its users.