2020 is all about cryptocurrencies as the tide turns.
The latest one to jump on the digital currency bandwagon is the largest retail and commercial bank of Singapore, DBS.
SGD, HKD, JPY, and USD meanwhile are the listed supported fiat currencies.
And the market is, of course, super bullish!
“This will immediately become the easiest on-ramp for those who bank in Singapore,” commented Su Zhu, CEO of Three Arrows Capital.
BTC also reacted with over a 3% move to hit $13,500.
At the height of the 2017 bull market, David Gledhill, group chief information officer at DBS, called Bitcoin “a bit of a Ponzi scheme” and that being in that game at that time isn’t going to “create a competitive advantage” for them.
And now, in less than three years, the bank is launching a fiat-to-crypto exchange dubbed “DBS Digital Exchange.”
Regulated by the Monetary Authority of Singapore, there is yet no date for the DBS Digital Exchange launch.
Right off the bat, the trading platform is allowing trading in four crypto assets and fiat currencies. It is also planning to conduct security token offerings (STOs) to help SMEs raise funds but “in due course.”
“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.”
Besides trading, the bank will also be providing custody services through “DBS Digital custody.”
Available to the institutional and professional market makers directly, retail investors would have to access it via a member – DBS Private Bank and DBS Vickers Securities (Singapore).
Unlike the crypto market, the exchange will only have traditional weekday trading hours and will remain closed on weekends and public holidays.