Cryptocurrency, Economy

Asian Banking Giant with 11 Million Clients May Launch a Crypto and Securities Token Exchange

Prominent Asian bank, Singapore’s DBS, could be set to debut a crypto and securities token exchange – proposing to trade in bitcoin (BTC) and three significant altcoins upon not only the fiat Singapore dollar but also three other principal international currencies.

A DBS page dedicated to what the bank appears to have called the DBS Digital Exchange just went live but now can be found in cache form.

The site reveals that the new exchange will allow customers to trade in BTC and XRP, bitcoin cash (BCH), ethereum (ETH) with the Hong Kong dollar, the Japanese yen, etc. the American greenback, in addition to the Singaporean fiat.

And this seems to be just the tip of the iceberg – with an “STO offering” to “be announced and introduced in due course,” allowing “qualified investors” to “securitize real assets into tradeable digital tokens.

And it seems that the DBS Digital Exchange may have received a regulatory green light – with claims on the site that it is “regulated by the Monetary Authority of Singapore,” the country’s national bank and chief financial regulatory body.

Crypto custody services also seemed set for lift-off, with the bank writing,

To keep customers’ digital assets safe, DBS Bank has deployed DBS Digital Custody, an institutional-grade custody solution specially tailored for safekeeping digital assets.

In 2019, DBS had SGD 579bn (USD 426bn) in assets, while its income reached SGD 14.5bn, and net profit stood at SGD 6.4bn. The bank claims it has over 240,000 institutional banking customers and almost 11m consumer banking/wealth management customers.

A Twitter user claimed that the bank had been working on the project for the past two years.

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