March 28, 2024

Singapore's largest bank launches cryptocurrency trading

Singapore's largest bank launches cryptocurrency trading

Singapore's largest bank DBS today officially confirmed information about the launch of its own exchangecryptocurrencies, which start next week.institutional clients and accredited investors.

According to the bank's press release, 10% of the DBS Digital Exchange is ownedIn addition to trading, the service will provide the possibility of tokenization of securities and other assets, as well as bank level storage.

The platform will allow to exchange fiat currencies on digital and vice versa spot market.Initially, four fiat currencies (Singapore dollar, US dollar, Hong Kong dollar) will be held upand the Japanese yen), which will be available for exchange for bitcoin, Ethereum, Bitcoin Cash and XRP.

"We are ready to start trading cryptocurrencies as early as next week"DBS Group CEO Piusch Gupta said.

The DBS Digital Exchange, which was supposedly developed over two years, will allowcustomers to trade four fiat currencies (Singapore dollar, US dollar, Hong Kong dollarand the Japanese yen), as well as the four most popular cryptocurrencies - Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and XRP.

Tokenization will include the launch of a tokenized securities offer (STO) on a regulated platform for issuing and trading digital tokens supported by financial assets such as non-listed securities, bonds and private equity funds.

The bank said it had received regulatory approval for the new exchangeSingapore's monetary authority, the country's central bank and the country's main financial regulator.

It is known that the bank will provide customers with services for managing private keys and storing cryptocurrencies.

In 2019, DBS's assets totaled 579 billion Singapore dollars ($426 billion), profit reached 14.5 billion Singapore dollars, and net profit - 6.4 billion Singapore dollars.According to the bank, it has more than 240,000 institutional clients and almost 11 million clients engaged in banking services/asset management.

Singapore's largest bank launches cryptocurrency trading

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