Singapore’s largest bank (DBS bank) will launch a cryptocurrency exchange

The new platform will start working next week. Its clients will be able to make transactions with bitcoin and three more popular digital coins.

JUST IN: We will be launching a digital exchange, offering exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established #cryptocurrencies, namely Bitcoin, Ether, Bitcoin Cash and XRP. Find out more: https://t.co/qBRftYyHqJ#SGFintechFest pic.twitter.com/UwhrkJ5Uwv

— DBS Bank (@dbsbank) December 10, 2020

Singapore’s largest bank DBS has announced the launch of exchange for trading DBS Digital Exchange. The Singapore Stock Exchange will receive a 10% stake in the new platform.

DBS Digital Exchange Launching

The launch of the platform is scheduled for next week. Only institutional and accredited investors will be able to trade on it. Transactions can be made with four cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple token (XRP). Also, 4 national currencies will be available for trading – the Singapore dollar, the US dollar, the Hong Kong dollar, and the Japanese yen.

In addition to working with cryptocurrency, the platform will provide the ability to issue and trade asset-backed digital tokens. The exchange will also offer Digital Custody Services and the ability to tokenize securities or other assets.

Information that the bank is planning to launch a crypto exchange appeared at the end of October. The press release was later removed from the site, and DBS said the initiative was under development.

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