Singapore’s DBS reportedly enterting crypto sphere. Singapore’s largest retail and commercial bank, appears to be making an entry into the cryptocurrency space with three new offerings. The firm is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings.
The forthcoming crypto service called the DBS Digital Exchange will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC). It is also supporting fiat currencies including the United States dollar, the Singapore dollar, the Hong Kong dollar and the Japanese yen.
DBS Digital Exchange will not hold any assets itself, instead, “all digital assets are kept at DBS Bank, which is globally recognised for its custodial services.” The DBS Digital Exchange allows for small- and medium-sized enterprises and large corporations to issue security tokens.
As a company regulated by the Monetary Authority of Singapore, DBS noted that its upcoming crypto service will offer “distinct advantages such as the assurance of institutional-grade security.” The upcoming bank-backed exchange aims to put in place measures to prevent fraudulent activities and maintain strict compliance with Anti-Money Laundering and Counter Terrorist Financing regulations, according to the document.
DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange.
— CZ Binance (@cz_binance) October 27, 2020
[image: DBS Live More]