Singapore – DBS Bank created a buzz after revealing its plans for crypto exchange. This company is one of the most prominent Singapore firms, allowing both institutional and retail customers intrigued by the news.
According to a recent report, the rumour broke out after DBS Bank updated its website and showed the upcoming crypto exchange banner. However, the company took it down, but some still have the cached version of the now-deleted announcement.
Suppose DBS Bank continues to implement its crypto exchange. In that case, the project will be dubbed as DBS Digital Exchange, a user-friendly crypto trading platform that accepts the top four digital assets, Bitcoin, Ether, Ripple, and Bitcoin Cash. These virtual currencies will stand against multiple fiats, such as the Singapore dollar, Hong Kong dollar, US dollar, and Japanese yen.
According to the now-deleted announcement, DBS Digital Exchange is the future of tomorrow’s digital economy. With this project, many investors and companies can leverage an integrated ecosystem of services and solutions to enhance the private markets and boosts digital currency usage.
The Singaporean multinational bank revealed in the deleted post that DBS Digital Exchange has worked for almost two years. With Bitcoin, Bitcoin Cash, Ether, and XRP, DBS Bank can deploy an institutional-grade custody solution for safekeeping digital assets. This new trading platform plans to allow security token offerings, as well.
DBS Bank thinks that cryptocurrencies are the future of the world’s capital markets. A bank-backed crypto exchange can provide more leverage to businesses and investors, resulting in higher profits for all parties.
The Singaporean banks revealed that the announcement was released due to a bug that entered a cached web page. The page was posted by mistake. However, the bank’s spokesman confirmed that the project is already in progress. For the time being, the company’s main focus is obtaining approvals and licenses from Singapore’s regulatory authorities, especially from the Monetary Authority of Singapore.