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Singapore’s biggest bank DBS will set up crypto exchange platform

Singapore’s biggest bank, DBS, is establishing a new cryptocurrency exchange division called DBS Digital Exchange.

According to an announcement on Thursday, the venture is backed by SGX, Singapore’s biggest derivatives and asset exchange, which owns a 10% stake in the crypto platform.

According to cointelegraph, the crypto exchange will only be available to institutional and accredited investors, who will be able to trade Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP.

Furthermore, DBS Digital Exchange will provide a platform for tokenizing assets like shares in unlisted companies, bonds and private equity funds. It will be profoundly integrated into the Asian banking system, allowing customers to deposit and buy cryptocurrencies with Singapore dollars, U.S. dollars, Hong Kong dollars and the Japanese yen. DBS will also offer a custodial service to store cryptocurrencies on behalf of clients.

DBS Group CEO Piyush Gupta stated, “For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading.”

The collaboration with Singapore Exchange on this venture will help deepen the liquidity and scale of Singapore’s digital asset markets.

Loh Boon Chye, CEO of SGX stated:

“There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space.”

Singapore is becoming a great hub for institutional cryptocurrency trading. Financial giants such as SBI are planning on launching a competing offering to DBS, while existing cryptocurrency platforms such as OKCoin are setting up local subsidiaries.

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