Singapore’s largest bank DBS is planning to launch a digital asset ecosystem. According to a now-deleted webpage, this ecosystem will comprise a digital asset exchange, security token offerings, and digital asset custody solution. The announcement also stated that DBS Digital Exchange will be a bank-backed digital exchange. It will allow companies and investors to leverage solutions that help tap the massive potential of digital currencies.
From the DBS Bank cached webpage, Altcoin Buzz learned that DBS Digital exchange would support 16 trading pairs. These would include Bitcoin, Ether, Ripple, and Bitcoin Cash against SGD, HKD, JPY, and USD.
DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange!
This will immediately become the easiest on-ramp for those who bank in Singapore
BTC, BCH, ETH, XRP the listed crypto assets
SGD, HKD, JPY, USD the listed fiat https://t.co/u0Zxolf1OM
— Su Zhu (@zhusu) October 27, 2020
Institutional-grade custody solution
According to the webpage, the DBS Digital Exchange will not hold any digital assets. Basically, all the digital assets will be safeguarded at DBS Bank with its institutional-grade DBS Digital Custody solution. To offer further protection to the digital assets, DBS Digital Exchange will employ robust processes. As a bank-backed exchange, these processes will prevent, monitor, detect, and mitigate fraudulent activities.
Additionally, the exchange will operate in compliance with AML and Counter-Terrorist Financing regulations. With no official launch date, the DBS Digital Exchange will deal only with financial institutions and professional market makers. A retail investor will need to channel his assets to the exchange via members like DBS Vickers Securities (Singapore) Pte Ltd and DBS Private Bank.
Interesting trading hours
Just like the Stock Exchange, DBS Digital Exchange will offer 9 am to 4 pm trading hours. Additionally, the trading will remain closed on weekdays and public holidays.
A bittersweet relationship
DBS Bank, the 66th largest bank across the globe is a leader in the implementation of FinTech innovations. However, it has shared a bittersweet relationship with cryptocurrency and its users. In September 2019, DBS ended its banking relationship with Coinhako, a Singapore based digital currency exchange for an undisclosed reason.
However, on 11 May 2020, DBS Bank revealed that it had joined the Contour network, which is working on a platform built by R3’s Corda. The platform also has the ability to use its partnership with Ripple.
The webpage which seems to have been posted by mistake has done its job. In the last 3 hours bitcoin price crossed a major resistance level and at the time of press is trading above $13,400.