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Cryptocurrency News

Singapore’s largest bank is launching a crypto-exchange

  • DBS, Singapore’s largest bank, is launching their own crypto-exchange
  • Only financial institutions and professional market makers can become members
  • The platform will offer three different services, one of which is STOs

DBS

The Development Bank of Singapore (DBS) is considered the largest bank in Singapore and Southeast Asia in terms of assets held. Back in August, their research group, led by DBS’s Chief Economist Taimur Baig, published an article where they stated: “this year is shaping up to be a landmark in the history of digital finance. The ongoing pandemic has added fuel to the move toward a society with less cash dependence.

Crypto-Exchange

That statement has shaped the bank’s moves as they are now looking to launch their own fiat-to-crypto exchange called “DBS Digital Exchange”. The webpage showing the new product was taken down but the cached version can still be accessed. At the start, the assets offered will be: Bitcoin, Ether, Bitcoin Cash and XRP.

Clientele & Services

Only financial institutions and professional market makers can become members of the exchange. Professional investors can access it via other members (i.e. financial institutions). DBS Digital Exchange will be composed of three sections:

  • Fiat-to-Crypto exchange
  • Digital Asset Custody
  • Security Token Offerings (STOs)

The latter will help SMEs and large corporation access and raise capital in a much more efficient way than IPOs. It’ll also allow them to touch a much wider range of investors.

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