A report by The Block news media reveals the launch of a cryptocurrency exchange platform by the largest bank in Singapore and South East Asia, DBS. Called DBS Digital Exchange (digi ex), the platform opens trading with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH ), and XRP.
According to that report, it was discovered after the publication of the exchange’s website. Currently the page has been deleted. However, it was verifying that the Monetary Authority of Singapore supports the launch of the cryptocurrency exchange platform by that bank, according to the deleted post.
Clients will be able to trade in the referred cryptocurrency using the following fiat money: Singapore Dollar (SGD), Hong Kong Dollar (HKD), Japanese Yen (JPY) and US Dollar (USD). An additional feature, token security offering (STO), will be added later. These tokens will be supported by “real world assets”. For instance, stocks, art, real estate, among others. According to the report, the page points:
“Digital assets are poised to be the future of tomorrow’s digital economy. With DBS Digital Exchange, a digital exchange backed by banks, businesses and investors can now take advantage of an integrated ecosystem of solutions to tap the enormous potential of private markets and digital currencies.”
Digi ex will operate like a traditional exchange
Institutional investors can access directly to the platform. That includes financial and banking institutions and market makers. However, a retail investor will need to access the platform with one of the DBS affiliates. For instance, DBS Vickers Securities and DBS Private Bank.
Moreover, investors can trade on the platform during more traditional hours. Trading will be closed on weekends. During weekdays, trading will only be accessible from 9 am to 4 pm. About the custody of the cryptocurrencies, the bank says:
“Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognized for its custodial services.”
In the announcement, it is revealed that DBS has a custody solution called DBS Digital Custody with an “institutional” grade. Three Arrows Capital’s CEO, Su Zhu, and the founder of Digital Currency Group, Grayscale’s parent company, Barry Silbert said the news is really important for the crypto market. Zhu said:
“DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange! This will immediately become the easiest on-ramp for those who bank in Singapore.”