Banks Go Bitcoin – Singapore’s Biggest Bank Launches Cryptocurrency Exchange

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The crypto exchange world is growing – The Development Bank of Singapore (DBS) seems to want to establish itself in the cryptocurrency market, with the addition of a new service for individuals and institutions. Given the size of the firm, this information did not go unnoticed.

The emergence of a new platform

The government bank is expected to develop a new platform for trading and buying cryptocurrency. Several “major” assets are mentioned, namely Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) or even Ripple’s XRP . These cryptos could thus be traded with fiat currencies, such as the Singaporean dollar (SGD), the Hong Kong dollar (HKD), the yen JPY and the US dollar (USD).

The offer then seems to be predestined for the Asian market. In addition, no crypto will be kept directly on the trading platform, but at the DBS “globally recognized for its custody services” .

In total, the investment bank manages more than 240,000 institutional clients and 11 million individuals. According to its latest report from 2019, $ 426 billion is managed by the company across 18 markets around the world, including 6 in Asia.

“Digital assets are poised to be the future of tomorrow’s digital economy,” the cached webpage reads. “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.”

Strict supervision

According to the DBS, institutional investors could have direct access to this trading platform, without going through an intermediary. This method makes the procedure smoother for professionals. However, individuals will access the platform through one of DBS ‘subsidiaries, such as DBS Private Bank or DBS Vickers Securities.

The DBS offer also seems to be geared towards professionals and companies. Indeed, in addition to offering an exchange service, the platform will also allow SMEs to issue tokens to finance themselves (STO).

Also, it’s surprising to learn that the DBS Digital Exchange will be limited in terms of availability. Like other stock markets, the platform will be limited to trading hours, 9 a.m. to 4 p.m. Likewise, the exchange will be unavailable on weekends.

In addition, the DBS spokesperson told The Block that the platform would not be effective right away, as it required regulatory approval. Here, the DBS Digital Exchange is regulated by the Monetary Authority of Singapore.

It is interesting to note that cryptocurrencies no longer affect only FinTech and neo-banks, like PayPal. Big institutions are now coming to claim their share of the pie. After JP Morgan in the United States, DBS is asserting its position in Asia.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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