The largest bank in Southeast Asia, DBS Bank (DBS), officially announced the launch of multiple encryption services, including crypto exchanges. DBS Bank’s crypto trading platform supports four legal currencies and four cryptocurrencies, including Bitcoin.
DBS Bank launches Bitcoin service
DBS Bank officially announced on Thursday that it will launch a “full-service digital exchange” to provide a “tokenization, trading and custody ecosystem of digital assets.” The bank’s new services are for institutional investors and qualified investors.
The bank explained in detail: “With the help of the DBS Bank digital trading platform, DBS Bank will use blockchain technology to provide a fund-raising ecosystem through asset tokenization and secondary transactions of digital assets including cryptocurrencies. Support.” It added that this includes security token products (STO), cryptocurrency exchange and digital custody services.
DBS Bank explained that its cryptocurrency exchange will provide “cryptocurrency trading, which will facilitate spot trading from fiat currencies to cryptocurrencies and vice versa.” The four supported fiat currencies are Singapore dollar, US dollar, Hong Kong dollar and JPY. Detailed description of the bank:
DBS Digital Exchange will provide exchange services between four legal currencies (SGD, USD, HKD, JPY) and the four most mature cryptocurrencies (ie Bitcoin, Ether, Bitcoin Cash and XRP).
The bank described that the DBS encrypted custody service will provide “institution-level digital custody solutions to meet the growing demand for secure custody services tailored to digital assets.” Representing client assets. “
The launch of the DBS encryption service is not surprising, as the bank accidentally posted information on its website on its upcoming crypto exchange in October, which was quickly deleted.
DBS CEO Piyush Gupta said: “The exponential pace of asset digitization provides a huge opportunity to reshape the capital market. To make Singapore more competitive as a global financial center, we must be prepared to welcome digital assets and currencies. The transaction is adopted by the mainstream.”
The DBS announcement follows a similar announcement by Standard Chartered Bank. Standard Chartered Bank announced on Wednesday that it will launch a cryptocurrency custody service for institutional investors next year. In addition, Spain’s second largest bank, Bank of Spain (BBVA), also announced that next year it will also begin to provide bitcoin trading and custody services through its Swiss subsidiary.
What do you think about DBS Group launching a Bitcoin exchange? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, DBS
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