South East Asia’s Largest Bank DBS Launches Cryptocurrency Exchange
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South East Asia’s Largest Bank DBS Launches Cryptocurrency Exchange

October 27, 2020      Jafrin Ahmed

Southeast Asia’s largest bank by market capitalization DBS has announced the launch of a cryptocurrency exchange, which appears to have been deleted. According to the website page, “DBS Digital Exchange” will enable trading of Bitcoin, Bitcoin Cash, Ethereum, and Ripple against SGD, HKD, JPY, and USD.

All Assets to be Kept at DBS Bank

The digital asset exchange is backed by the Singapore-based commercial and retail bank DBS Bank and the Monetary Authority of Singapore. The trading platform will also be backed by a leading Asian financial services group, as stated in the announcement.

DBS Digital Exchange will not hold any cryptocurrencies and instead all assets will be kept at DBS Bank. To ensure customer assets are under the highest security, the bank has deployed DBS Digital Custody, described as an institutional-grade custody solution specially tailored for safekeeping digital assets.

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As of yet, the digital asset exchange will only accept memberships from financial institutions and pro-market makers. Individual investors can access the trading platform through an already registered member.

Plans to Support Security Tokens in Future

In the future, DBS Digital Exchange has plans to support security tokens while enabling small and medium enterprises as well as large corporations to access the Security Token platform. This will allow the token issuers to reach investors at a wider scale that otherwise might have no access to such tokens.

The announcement was initially made on Twitter even though the bank was quick to delete it. However, the crypto community was quick to capture the announcement and circulate it through screenshots.

The bank took the announcement page offline, now only accessible through a cached website page. Speculations are running in crypto circles on the announcement deletion as the bank might have made a typo and stated one trading pair with ETC in its FAQ section.

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.