Banking Giant Will Launch Crypto Exchange

Source: Adobe / Lovebeer

The Singaporean banking giant DBS has finally confirmed reports that have been circulating since October that a number of crypto operations are to be launched – including a crypto exchange that offers trading in Bitcoin (BTC) and major altcoins.

The news comes just a few weeks after a website explaining the functionality of the platform called the DBS Digital Exchange, apparently accidentally went live on the DBS website – only to appear offline shortly thereafter. But now the bank has issued a press release declaring that digital exchanges will indeed see the light of day.

The bank said its new platform is a “full-service digital exchange” that also offers “tokenization” offerings for unlisted companies looking to digitize their assets, as well as “trading” and a “custody ecosystem” for digital Assets. “

The DBS Digital Exchange, which is a Twitter-based observer asserts Already in October it was “in the works for two years” to enable customers to trade in four fiat currencies (the Singapore dollar, the USD, the Hong Kong dollar and the Japanese yen) as well as four of the “most established cryptocurrencies”: ” Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH) and RippleXRP.

The tokenization efforts include enabling companies to introduce Security Token Offerings (STOs) and provide a “regulated platform for the issuance and trading of digital tokens backed by financial assets such as shares in unlisted companies, bonds and private equity funds are”.

The bank states that it has received “basic” regulatory approval from the EU for its new exchange Singapore Monetary Authority, the country’s central bank and supreme financial regulator.

The bank also said it would offer private key management and crypto-custody services to customers, and announced that the Singapore Exchange (SGX) would own a 10% stake in the DBS Digital Exchange, even though the launch date of the new platform was not timed.

In 2019, DBS had assets of SGD 579 billion ($ 426 billion), while earnings reached SGD 14.5 billion and net income was SGD 6.4 billion. The bank claims to have over 240,000 institutional banking customers and nearly 11 million customers in the consumer banking / wealth management sector.