DBS Digital Exchange

2020: Start of the DBS Digital Exchange for trade in cryptocurrency

On December 10, 2020 the largest bank Singapore DBS announced start of the exchange for trade cryptocurrency of DBS Digital Exchange. To to trade on the new platform which 10% belong to stock exchange of Singapore only institutional and accredited investors will have an access.

Initially DBS Digital Exchange will support four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and four national currencies: U.S. dollar, Singapore dollar, Hong Kong dollar and Japanese yen.

The largest bank of Singapore starts the exchange for trade - DBS Digital Exchange

In addition to the platform for trade in the DBS Digital Exchange cryptocurrency will offer users of service in release of the digital tokens provided with financial assets, such as stocks of the companies which are not quoted at the exchange, the bond and private equity funds. Also the company will offer institutional clients custodial services, "to meet the growing demand for services of safe storage of digital assets".

The CEO of DBS Group Piyush Gupta noted:

Exponential rates of digitalization of assets give huge opportunities for change of the capital markets. That Singapore became even more competitive as global financial center, we should be prepared for welcoming mass implementation of digital assets and trade in currency. DBS aims to accelerate development of completely integrated ecosystem to facilitate it. We consider that this first in own way integrated offer which differs from others in many respects.

The CEO of the Singapore exchange Lo Boone Chye added:

We will be glad to apply our advantages in the field of market infrastructure and risk management on this platform. We see considerable opportunities in the area increase in trust and efficiency in the markets of digital assets.[1]

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