Singapore-based bank to launch a crypto exchange

Singapore's Monetary Authority published new rules

Singapore-based bank and financial services company, known as DBS, recently announced its intention to launch a cryptocurrency trading platform. The bank — which is currently the largest bank in South Asia by assets — is in the process of building its upcoming exchange.

The bank was willing to reveal some information about the upcoming platform, but some details actually became known due to an error revolving around some cached web page. The page was posted by mistake, and it was not long before DBS took it down.

However, before it could do that, it was discovered that the DBS Digital Exchange — the upcoming trading platform — will provide access to an integrated ecosystem of numerous solutions that would be used to tap the vast potential of private markets and digital currencies.

What is known about the bank’s upcoming exchange?

The platform will list four cryptos paired against four fiat currencies. The coins in question will include Bitcoin, Ethereum, XRP, and Bitcoin Cash. As for the fiats, the bank will support the Singapore dollar, USD, the Hong Kong dollar, and Japanese yen.

The bank’s spokesperson revealed that the exchange is still a work in progress, and so are the plans regarding the platform. For now, the bank’s main focus is on getting approvals from the regulators — more specifically, by the Monetary Authority of Singapore. Until that happens, the bank does not want to reveal any more details.

However, it is also known that the exchange will offer tokenization services, which will allow various businesses to raise money through digital assets and securities issuance. This information came from the mentioned cached page, which was removed soon after it was posted.

Furthermore, it is known that the asset will be held by the bank’s own custody service, known as DBS Digital Custody.

The post Singapore-based bank to launch a crypto exchange appeared first on Invezz.

Publication date: 
10/28/2020 - 12:23

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