Home Coins Bitcoin (BTC) Southeast Asia's Largest Bank DBS Plans to Launch a Cryptocurrency Exchange

Southeast Asia’s Largest Bank DBS Plans to Launch a Cryptocurrency Exchange

- Advertisement -


The Singaporean multinational banking and financial services corporation DBS published an announcement revealing it was launching a cryptocurrency exchange. The announcement was later removed by the company but crypto proponents have learned about the upcoming support for assets like bitcoin, ethereum, and bitcoin cash.

DBS Bank Ltd is Southeast Asia’s largest bank in terms of assets under management (AUM), as the corporation’s 100+ branches hold more than $600 billion today. The bank published information on the subject and then swiftly removed the announcement. However, a number of cryptocurrency proponents caught the DBS statement before the bank deleted it. The Twitter account dubbed ‘Fiat Minimalist’ tweeted a screenshot and said: “Cat’s out of the bag.”

“This has been in the works for 2 years,” Fiat Minimalist told his 2,300 followers. “All banks will have to follow suit. Imagine being bearish [toward] BTC,” he added. The announcement has also been caught in the web’s cache and is now hosted on Archive.org as well. “DBS Digital Exchange offers trading services from fiat currencies to four of the top digital currencies in circulation – Bitcoin, Bitcoin Cash, Ether, and XRP,” the DBS Digital Exchange website reads.

Southeast Asia's Largest Bank DBS Plans to Launch a Cryptocurrency Exchange

The DBS Digital Exchange page also states:

Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognised for its custodial services. To keep customers’ digital assets safe, DBS Bank has deployed DBS Digital Custody, an institutional-grade custody solution specially tailored for safekeeping digital assets.

The news about the newly created DBS Digital Exchange follows the announcement made by the payments giant Paypal last week. Additionally, in September it was revealed that U.S. banks are now allowed to hold reserves for stablecoin issuers.

The new DBS trading platform also plans to allow for security token offerings. “Companies searching for a regulated option to raise private capital from qualified investors can now tap on DBS Digital Exchange to securitise real assets into tradeable digital tokens,” DBS notes.

Furthermore, DBS thinks that cryptocurrencies are “the future of capital markets.”

“Digital assets are poised to be the future of tomorrow’s digital economy. With DBS Digital Exchange, a bank-backed digital exchange, companies, and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies,” the DBS exchange announcement concludes.

What do you think about Southeast Asia’s largest bank DBS announcing a crypto exchange? Let us know in the comments section below.

Tags in this story
announcement, arp, Banking, banks, Bitcoin, bitcoin cash, Crypto, Cryptocurrency, DBS bank, DBS Bank Ltd, DBS Digital Currency Exchange, DBS Digital Exchange, DBS Ltd, Ethereum, Fiat Minimalist, Financial Services, multinational banking, Security Tokens, stablecoin issuers, STO, XRP

Image Credits: Shutterstock, Pixabay, Wiki Commons, DBS, Archive.org,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,559FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.21
GBP
1.34
CHF
1.12
NOK
0.11
JPY
0.01
CAD
0.77
AUD
0.74

Most Popular

US Bill Would Require Stablecoin Issuers to Get Bank Charters

A new U.S. Congressional bill would require stablecoin issuers to secure bank charters and secure regulatory approval prior to circulating any stablecoins.U.S. Representatives...

BANANO Monthly Update #32 (December 2020) | by Banano | Banano | Dec, 2020

In what was a quick turn-around in application and implementation, BANANO is now on the Sweden-based exchange Altilly with BTC and ETH pairs.Full...
bitcoin
Bitcoin (BTC) $ 19,196.91
ethereum
Ethereum (ETH) $ 596.23
ripple
XRP (XRP) $ 0.628818
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 294.79
bitcoin-cash-sv
Bitcoin SV (BSV) $ 171.32
litecoin
Litecoin (LTC) $ 88.74
eos
EOS (EOS) $ 3.07
binancecoin
Binance Coin (BNB) $ 30.32
okb
OKB (OKB) $ 5.37
tezos
Tezos (XTZ) $ 2.40
leo-token
LEO Token (LEO) $ 1.36
cardano
Cardano (ADA) $ 0.159870
monero
Monero (XMR) $ 128.19
stellar
Stellar (XLM) $ 0.184992
chainlink
Chainlink (LINK) $ 13.93
huobi-token
Huobi Token (HT) $ 4.00
tron
TRON (TRX) $ 0.031250
usd-coin
USD Coin (USDC) $ 0.999557
dash
Dash (DASH) $ 106.32
neo
NEO (NEO) $ 18.09
iota
IOTA (MIOTA) $ 0.347804
nem
NEM (XEM) $ 0.200603
zcash
Zcash (ZEC) $ 76.35
maker
Maker (MKR) $ 562.07
paxos-standard
Paxos Standard (PAX) $ 0.999666
ethereum-classic
Ethereum Classic (ETC) $ 6.27
vechain
VeChain (VET) $ 0.016464
true-usd
TrueUSD (TUSD) $ 0.998091
ftx-token
FTX Token (FTT) $ 4.50
kucoin-shares
KuCoin Shares (KCS) $ 0.834016
waves
Waves (WAVES) $ 7.02