Singapore’s largest bank, DBS Bank, had officially announced the launch of digital currency exchange. The new digital exchange platform is only reserved only for institutional and accredited investors. The bank also confirmed that the Singapore stock exchange will take a 10% stake in the new trading platform. Both the Singapore stock exchange and DBS Bank will work together to deepen the liquidity as well as grow the capital markets in the country while developing the cryptocurrency space.
The new platform called the DBS Digital Exchange will be a regulated platform for issuing and trading of security tokens. It will support the trading of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP). The platform will also support the trading pairs for fiat currencies including SGD, USD, HKD, and JPY.
In the announcement, Piyush Gupta, Group CEO of DBS, said:
Loh Boon Chye, CEO of SGX, said:
DBS Digital Exchange will be the world’s first cryptocurrency exchange to be backed by a traditional bank. Besides, cryptocurrency trading, the platform will also offer digital assets custody under regulatory standards.
DBS Bank's plan to launch a digital exchange was initially leaked in October, when its official website accidentally went live, before being approved by the country’s central bank. The bank made a public webpage with details on the offerings, however, it was deleted shortly after receiving public attention.