Development Bank of Singapore or DBS Bank, the largest bank in Singapore and Southeast Asia, is the latest bank to enter into the cryptocurrency space as it is planning on offering trading and custodial services for cryptocurrencies. A cached Web Page shows that the leading Singaporean financial services banking firm is launching a digital currency exchange dubbed as DBS Digital Exchange through which the bank will be offering cryptocurrency trading.
As DBS Bank’s cached Web Page reads:
“Digital assets are poised to be the future of tomorrow’s digital economy. 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.”
Initially, there are four top cryptocurrencies that will be available on this fiat-to-crypto trading exchange. These digital assets are Bitcoin (BTC), the largest cryptocurrency in the world, Ethereum (ETH), the second-ranked digital currency, XRP (XRP), and the fifth-largest cryptocurrency by market cap Bitcoin Cash (BCH).
Users will be able to trade these digital assets against fiat currencies supported on this regulated digital currency exchange. The available fiat currencies are United States Dollar (USD), Singaporean Dollar (SGD), Japanese Yen (JPY), and the Hong Kong Dollar (HKD). At the launch, sixteen trading pairs will be available to users for trading including BTC/SGD, BTC/USD, BCH/SGD, BCH/USD, XRP/SGD, XRP/USD, ETH/SGD, ETH/USD, and some other trading pairs.
Apart from cryptocurrency trading, the bank will also be offering crypto custody as well on these digital currencies. According to the web page, DBS Digital Custody, an institutional-grade custodian will offer custody for these cryptocurrencies.
Moreover, small and mid-size enterprises (SMEs) and big corporations will be able to raise capital through a Security Token Platform offered by the DBS Bank. They will have an opportunity to issue the digital forms of their assets and securities.
Commenting on this, Changpeng Zhao of the Binance crypto exchange said that regardless of anything, the bank’s step is surely in the right direction. While on the other hand, the Chief Executive Officer (CEO) of the cryptocurrency hedge fund company Three Arrows Capital Su Zhu said in a tweet that this will be “the easiest on-ramp for those who bank in Singapore”.