DBS, the largest bank in Southeast Asia, has officially announced the launch of several crypto services, including a crypto exchange. DBS’s crypto trading platform supports four fiat currencies and four cryptocurrencies, including bitcoin.
DBS Launches Bitcoin Services
DBS officially announced on Thursday that it is launching a “full-service digital exchange” to provide a “symbol, trading and custody ecosystem for digital assets.” The bank’s new service is aimed at institutional and accredited investors.
“With the DBS Digital Exchange, DBS will leverage blockchain technology to provide an ecosystem for fundraising through asset symbolization and secondary trading of digital assets including cryptocurrencies,” the bank detailed. He added that this includes security token offerings (STOs), crypto exchange, and digital custody services.
DBS explained that its crypto exchange will offer “cryptocurrency trading that will facilitate random exchange from fiat currency to cryptocurrencies and vice versa.” The four fiat currencies supported are Singapore dollar, US dollar, Hong Kong dollar, and Japan yen. The bank expanded:
DBS Digital Exchange will offer exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established cryptocurrencies, namely bitcoin, ether, bitcoin cash and XRP.
DBS’s crypto custody service will provide “Institution-grade digital custody solution to meet the growing demand for secure security services tailored for digital assets,” the bank described, noting that its “digital custody services provide cryptographic keys that n digital management. assets on behalf of clients. ”
The launch of DBS crypto services was no surprise since the bank accidentally published information on its upcoming crypto exchange back in October on its website, which moved quickly.
DBS Group CEO Piyush Gupta said: “The exponential pace of asset digitization provides tremendous opportunities to reshape capital markets. In order for Singapore to become even more competitive as a global financial hub, we must prepare ourselves to embrace the adoption of digital assets and mainstream currency trading. “
DBS’s announcement follows a similar one from Standard Chartered Bank, which announced Wednesday that it is launching a crypto custody service for institutional investors next year. In addition, Spain’s second-largest bank BBVA has announced that it will also begin offering bitcoin trading and custody service next year through its Swiss subsidiary.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, DBS
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