DBS Bank Is Launching Crypto Exchange with Multi-Fiat Support

Singapore’s largest lender DBS is launching a digital currency exchange allowing both institutional and retail customers to trade Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term against multiple fiats.

The bank updated its website showing the upcoming crypto exchange services but later took the page down. The cached version of the now-deleted webpage is still available.

Dubbed DBS Digital Exchange, the crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term is planning to list four top cryptocurrencies, Bitcoin, Ether, Ripple, and Bitcoin Cash, against multiple fiats, including the Singapore dollar, US dollar, Hong Kong dollar, and Japanese yen.

“Digital assets are poised to be the future of tomorrow’s digital economy,” the now-deleted DBS webpage noted. “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.”

Building a Crypto Ecosystem

Apart from crypto trading services, the bank will additionally offer proprietary crypto custodian services and security token offerings.

The FAQ section of the deleted page detailed that the crypto exchange services will be available directly to the institutional investors, including financial institutions and professional market makers. However, retail investors can only access the platform via DBS members, like DBS Vickers Securities (Singapore) and DBS Private Bank.

However, the deleted page did not reveal any information on the launch date of the new services.

“Through DBS Digital Exchange, SMEs and large corporates alike can also tap on a Security Token platform to raise capital efficiently through the digitization of their securities and assets, enabling issuers to reach a wider base of investors that might not traditionally have access to such tokens,” DBS added.