Singapore – Singapore’s DBS Bank has officially confirmed its upcoming digital asset exchange launch next week. Currently, the DBS Digital Exchange is 10% owned by SGX. According to the executives, this new crypto exchange platform will facilitate spot exchanges using fiat and cryptocurrencies.
DBS Group CEO Piyush Gupta stated on a media call last November 10 that the upcoming exchange will support four fiat currencies, including SGD, HKD, JPY, and USD. These currencies will be tradable against the top four prominent digital assets, namely Bitcoin, Ethereum, XRP, and Bitcoin Cash.
Furthermore, Gupta stated that DBS is prepared enough to begin the crypto trading as early as next week. However, security token offerings will take a month or two since they do not want to compromise the service. Once the platform is fully operational, users can tokenize anything, even paint. But for next week, DBS will only focus on financial assets.
DBS is currently improving its security token offering. It will help the regulated platform for the issuance and trading of digital assets, such as shares in bonds, private equity funds, and unlisted companies.
Another part is custody, which Gupta said to be institutional and bank-grade. According to the CEO, air-gapped cold storage leverages all the existing cybersecurity tech at the bank. However, Gupta reminded the people that the upcoming DBS exchange would only accept accredited investors and institutional clients.
Everyone at DBS is excited to launch the platform and apply new risk management and market infrastructure strengths to this venture. The platform offers significant opportunities to bring more efficiency and trust in price discovery to the global cryptocurrency space.
The Monetary Authority of Singapore already gave an in-principal approval to the new digital exchange. Such regulatory blessing will allow DBS to become one of the most prominent banks to dabble in the crypto industry.