Skip to main content

Southeast Asia's Largest Bank DBS Plans to Launch a Cryptocurrency Exchange

 


The Singaporean multinational banking and financial services corporation DBS published an announcement revealing it was launching a cryptocurrency exchange. The announcement was later removed by the company, but crypto proponents have learned about the upcoming support for assets like bitcoin, ethereum, and bitcoin cash.

DBS Bank Ltd is Southeast Asia’s largest bank in terms of assets under management (AUM), as the corporation’s 100+ branches hold more than $600 billion today. The bank published information on the subject and then swiftly removed the announcement. However, a number of cryptocurrency proponents caught the DBS statement before the bank deleted it. The Twitter account dubbed ‘Fiat Minimalist’ tweeted a screenshot and said: “Cat’s out of the bag.”

“This has been in the works for 2 years,” Fiat Minimalist told his 2,300 followers. “All banks will have to follow suit. Imagine being bearish [toward] BTC,” he added. The announcement has also been caught in the web’s cache and is now hosted on Archive.org as well. “DBS Digital Exchange offers trading services from fiat currencies to four of the top digital currencies in circulation – Bitcoin, Bitcoin Cash, Ether, and XRP,” the DBS Digital Exchange website reads.

Southeast Asia's Largest Bank DBS Plans to Launch a Cryptocurrency Exchange

The DBS Digital Exchange page also states:

Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognised for its custodial services. To keep customers’ digital assets safe, DBS Bank has deployed DBS Digital Custody, an institutional-grade custody solution specially tailored for safekeeping digital assets.

The news about the newly created DBS Digital Exchange follows the announcement made by the payments giant Paypal last week. Additionally, in September it was revealed that U.S. banks are now allowed to hold reserves for stablecoin issuers.

The new DBS trading platform also plans to allow for security token offerings. “Companies searching for a regulated option to raise private capital from qualified investors can now tap on DBS Digital Exchange to securitise real assets into tradeable digital tokens,” DBS notes.

Furthermore, DBS thinks that cryptocurrencies are “the future of capital markets.”

“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,” the DBS exchange announcement concludes.

Source: news.bitcoin.com

What do you think about Southeast Asia’s largest bank DBS announcing a crypto exchange? 

Let us know in the comments section below.

Comments

Post a Comment

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...
Post a Comment
Read more

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

  Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move  does not seem to be going over well  with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a  FAQ provided by Coinbase , for Canadian users, ...
Post a Comment
Read more

Quomodocunquize

                                       Definition:  " To make money in any way possible . ” Example:  Rather than quomodocunquizing,  invest your money wisely . Please, please, please use a hardware cold wallet like Ledger . It's  a  cold wallet ,  cold  =  not exposed  to  internet  =  only your hardware device . ...  Use Ledger  as  cold storage . Too many people spend money they earned..to buy things they don't want..to impress people that they don't like. --Will Rogers A wise person should have money in their head, but not in their heart. --Jonathan Swift Wealth consists not in having great possessions, but in having few wants. --Epictetus Money often costs too much. --Ralph Waldo Emerson Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each. --Christopher...
Post a Comment
Read more