Singapore’s largest bank confirms launch of cryptocurrency exchange

The largest bank in Singapore, DBS Bank, part of the DBS Group, announced the launch of its own cryptocurrency exchange. Access will be available to institutional clients and accredited investors.

JUST IN: We will be launching a digital exchange, offering exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established #cryptocurrencies, namely Bitcoin, Ether, Bitcoin Cash and XRP. Find out more: https://t.co/qBRftYyHqJ#SGFintechFest pic.twitter.com/UwhrkJ5Uwv

— DBS Bank (@dbsbank) December 10, 2020

DBS Digital Exchange supports the Japanese yen, Singapore dollar, US dollar and Hong Kong dollar for exchanging into Bitcoin, Ethereum, Bitcoin Cash and XRP.

The exchange will also offer a custodian service—Digital Custody Services—and the possibility of tokenising securities or other assets. The Singapore Exchange will acquire a 10% stake in DBS Digital Exchange.

News that the bank planned to launch a crypto exchange appeared at the end of October. The press release was later removed from the site, and DBS said the initiative is still under development.

Earlier, subsidiaries of SIX Swiss Exchange and SBI Holdings announced in Singapore a blockchain platform for institutional investors.

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