- DBS, one of the largest banks in Singapore, launched a digital asset exchange.
- The exchange will only be available to financial institutions and professional market makers, which will act as intermediaries.
- Additionally, DBS will offer custody and a security token platform.
Share this article
A Singapore-based multinational bank with over $400 billion of assets, DBS announced an institutional-grade digital asset exchange, custody, and platform for security token offerings (STOs).
Billion Dollar Bank DBS Launches Crypto Exchange
At the time of writing, DBS has taken down the page with the announcement, which may be attributed to ongoing social media excitement.
This is a big deal https://t.co/cdDdDhdD7S
— Barry Silbert (@BarrySilbert) October 27, 2020
According to the announcement, the new exchange is regulated by the Monetary Authority of Singapore (MAS). Only financial institutions and professional market makers like DBS Vickers Securities will be allowed to use the platform. They will act as intermediaries for individual clients.
The exchange has a 0.1% fee, but institutions can add additional fees for individuals.
Regarding the security token offerings, DBS claims that small and medium-sized enterprises, along with corporations, can potentially reach a wider investor audience through digital fundraising.
Notably, only qualified investors will be approved to participate once the service is live.
The initial crypto lineup includes Bitcoin, Bitcoin Cash, Ether, and XRP. Trading pairs are against fiat currencies, such as USD, SGD, and JPY.
Margin trading isn’t offered at this stage. However, institutions will need to pledge fiat or digital currencies to be able to trade. Trading limits will depend on the size of a pledge.
DBS highlighted that it offers a convenient fiat on-ramp, eliminating the need for stablecoins like USDT. It’s a sensible claim, considering that regulators worldwide are weighing central bank digital currencies (CBDCs) and pushing against stablecoins.
A downside of the bank-backed exchange is that it has a trading schedule and may be inconvenient for those who are used to 24/7 crypto trading.
Overall, the DBS announcement falls in line with the ongoing trend of crypto acceptance among institutions. With giants like PayPal integrating digital currencies into their services, the bull-run indeed appears to be in the first inning.
Xfers Launches Fully-Regulated Digital Singapore Dollar on Ethereum an…
Xfers recently announced the release of its stablecoin XSGD. The company received an e-money issuance license by the Monetary Authority of Singapore (MAS), allowing the company to mint unlimited amounts…
Elliptic Adds Full AML and CFTC Compliance to Singapore’s New Di…
The recently launched stablecoin XSGD will implement strong regulatory assurances for users with their compliance partner, Elliptic. Xfers and Elliptic Add Full Compliance to Singapore Digital Dollar The partnership will…
July BTC Market Analysis
After roughly 2 months of price consolidation following its rapid recovery from Black Thursday (March 12th), Bitcoin broke out of its range following an extended period of muted volatility. Currently…
The post Singapore’s Largest Commercial Bank Launches Bitcoin Exchange appeared first on XRP vi.be.