Singapore’s multinational bank and financial services company DBS Bank (DBS) announced that it is launching a cryptocurrency exchange. The announcement was later deleted by the company, but cryptocurrency supporters learned about the upcoming support for assets such as Bitcoin, Ethereum and Bitcoin Cash.
In terms of assets under management (AUM), DBS Bank Limited is the largest bank in Southeast Asia, as the company’s more than 100 branches now have more than US$600 billion in assets. The bank released information on the subject and then quickly deleted the announcement.However, many cryptocurrency supporters Catch the DBS statement Before bank deletion. This Twitter account, known as the “Fiat Minimalist,” posted a screenshot on Twitter and said: “The cat has already bought it.”
“This work has been going on for 2 years,” Fiat minimalist told his 2,300 followers. “All banks must follow suit. Imagine a bearish [toward] BTC,” he Add to. The announcement was also captured in the web cache and is now also hosted on Archive.org. The DBS Digital Exchange website wrote: “DBS Digital Exchange provides transaction services from legal tender to the four major digital currencies in circulation-Bitcoin, Bitcoin Cash, Ether and XRP,”
The DBS Digital Exchange page also states:
Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. On the contrary, all digital assets are stored in DBS Bank, which is known worldwide for its custody services. In order to ensure the security of customers’ digital assets, DBS Bank has deployed DBS Digital Custody, an institutional-level custody solution tailored to protect digital assets.
The news about the newly created DBS Digital Exchange came after payment giant Paypal announced the news last week. In addition, in September, Bank of America has now been approved to reserve reserves for stablecoin issuers.
The new DBS trading platform also plans to allow the provision of security tokens. DBS noted: “Companies that are seeking to raise private capital from qualified investors with regulated options can now use the DBS digital trading platform to securitize real assets into tradable digital tokens.”
In addition, DBS believes that cryptocurrency is “the future of capital markets.”
“Digital assets will become the future of tomorrow’s digital economy. With the help of the bank-backed digital exchange DBS Digital Exchange, companies and investors can now use an integrated solution ecosystem to tap the huge potential of private markets and digital currencies.”
What do you think of the announcement of the launch of a cryptocurrency exchange by DBS, the largest bank in Southeast Asia? Let us know in the comments section below.
Picture Credits: Shutterstock, PNG, Wiki Commons, DBS, Archive.org,
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