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- DBS Bank is launching a digital currency exchange dubbed DBS Digital Exchange.
- The exchange will offer fiat-to-crypto trading and STO services.
Big-name institutions have been showing interest in digital currency services, with the most recent being DBS Bank, the leading commercial banking institution in Singapore. Updates on Tuesday showed that the bank is preparing to engage in digital currency, starting with a proprietary fiat-to-crypto exchange. The development today is perhaps a milestone for the Singaporean crypto investors.
DBS is launching a crypto exchange
As learned from the webpage dedicated to the exchange, the platform will operate under the name, “DBS Digital Exchange.” For a start, the crypto exchange is designed to allow the trading of only four popular digital currencies, which include Bitcoin (BTC), Ether (ETH), Ripple (XRP), and Bitcoin Cash (BCH). As a crypto-to-fiat exchange, the exchange also supports four fiat currencies.
Per DBS Bank, the exchange’s users can trade the digital currencies against their local currency, Singapore dollar (SGD), and other popular currencies such as the United States dollar (USD), Japanese Yen (JPY), and the Hong Kong dollar (HKD). In addition to allowing the Singaporeans the option to buy and sell cryptocurrencies, the platform will also support security token offerings (STO).
In due course, the exchange will introduce STO, according to the webpage. This will enable companies to raise funds for operations.
Crypto is going mainstream
About the safety of assets, the webpage shows that DBS Bank specifically deployed an institutional-grade custody solution dubbed DBS Digital Custody. The platform will be tasked with safekeeping the cryptocurrencies of users. Speaking of supported investors, DBS Digital Exchange will directly allow institutional investors to access its cryptocurrency services. Retail investors are supported; however, they can only access the exchange through DBS members, like the DBS Private Bank or the DBS Vickers Securities (Singapore).
From this and other recent developments, it’s agreeable to note that the digital currency industry is going mainstream, and the long-expected adoption is imminent. Most recently, the leading digital payment company, PayPal, disclosed its plans to debut crypto services directly on its digital wallet.
