DBS, one of the largest banks in Singapore and Asia, moves to launch a digital currency exchange. The bank, which sometimes lasts three years called Bitcoin a Ponzi scheme, is adopting bitcoin services. It helps investors trade, invest, and fund projects using the four major cryptocurrencies viz; Bitcoin, Ether, XRP, and Bitcoin Cash.
The bank is reportedly said to be launching in the coming weeks, January. Unlike traditional cryptocurrencies exchange that allows varieties, its exchange platform will be limited to the four major cryptocurrencies against US Dollar, Singapore Dollar, Japanese Yen, and Hong Kong Dollar.
To express their readiness, the bank has since received in-principle approval from Singapore’s central bank, the Monetary Authority of Singapore, for the exchange to operate organized markets for assets such as shares, bonds, and private equity funds.
Although many details were not given about the stakeholders, the Singapore Exchange (SGX) owns a 10 percent share in the upcoming launch.
DBS Digital exchange was announced during the Singapore Fintech Festival and will motivate other big players to acknowledge crypto assets’ ingenuity. The same way they just did after calling it a Ponzi scheme. It will bring institutional investors and elite retail investors to the crypto space and thus widen the community.
It plans to make funding innovation projects easy and profitable by adopting a security token offering, also known as STO. Small-medium-big enterprises can pitch and fund innovative ideas by tokenizing their tangible assets like cars, real estate, corporate stocks, and so on to raise funds.
While responding about the development, the chief executive Piyush Gupta said;
“We bring a large origination capability from our capital markets presence. We bring a substantial distribution capability, which includes into our own private bank and wealth base as well as institutional client base. And because we are an established custody house, we’ve built a lot of capabilities and knowledge and experience in managing the custody function as well,” he said. “So leveraging the power and strength of DBS bank allows us to build volume, liquidity and scale in this exchange in a manner which a lot of other bespoke exchanges find difficult to do.”