Singaporean DBS Bank has revealed its plans to launch its own cryptocurrency exchange platform. The exchange will offer its users an opportunity to trade the country’s Singapore dollar against cryptocurrencies.
Specifically, DBS’s digital exchange platform will allow Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple (XRP). Subsequently, these assets would be the top-four cryptocurrencies on the exchange. These will be traded against the Singapore dollar, Hong Kong dollar, Japanese yen, and the US dollar.
DBS has not yet received regulatory approvals for its platform, as it is still under process. The bank did not give any further updates regarding the said topic.
What is more, by adding and expanding the exchange services, companies and small-scale businesses will have the opportunity to raise funds. Moreover, the exchange will conduct tokenization services and digital forms of security and asset protection.
As per the launch, no asset will be held by the exchange. Rather, DBS will have a dedicated “ínstitutional grade’’ custody to keep the assets. From there, Singapore’s de-facto central bank will regulate the DBS crypto exchange.
Crypto enthusiasts lauded DBS, including Binance CEO Changpeng Zhao who said it is “a step in the right direction.”
As a stepping stone in the blockchain space, DBS facilitates credibility and institutional insurance security to big-time investors. Also, the firm complies with anti-money laundering and terrorist financing regulations for its services.
Retail investors can expect to have access to the exchange via the DBS Vickers Securities and DBS private Bank.