Singapore’s DBS Group is launching DBS Digital Exchange. The exchange will provide services between four fiat currencies such as Hong Kong Dollars, and “four most established cryptocurrencies,” namely Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and XRP.
The full-service digital exchange under DBS, will leverage blockchain technology to provide asset tokenization, trading and custody services to institutional and accredited investors.
According to SCMP’s report, retail investors, who have to be accredited inventors, would access it via DBS Vickers Securities or DBS Private Bank.
Accredited investors are those whose annual income is at least S$300,000 (US$224,000), or their personal assets exceed S$2 million (US$1.5 million), or net financial assets exceed S$1 million (US$750,000).
It will allow Bitcoin, Ether, XRP and Bitcoin cash to be traded against the Japanese yen, US, Singapore and Hong Kong dollars. Trading hours will be from 9am to 4pm, Monday to Friday.
The exchange may be in business from next week. It will be the world’s first cryptocurrency exchange backed by a traditional bank.
Gupta said the move comes amid global trends such as the exponential growth in private markets and cryptocurrency markets.
Crypto Exchange and STO
Gupta said the move comes amid global trends such as the exponential growth in private markets and cryptocurrency markets.
A highlight of the services will be Security Token Offerings (STO). DBS describes it as “a regulated platform for the issuance and trading of digital tokens backed by financial assets, such as shares in unlisted companies, bonds and private equity funds.”
In late October, media reported DBS’s digital exchange plans from a leaked web page. The news stirred excitement in the crypto space, boosting the perception of cryptocurrencies as “legitimate investments”. At that time, the bank said it was still awaiting regulatory approvals.
Obtaining approval from the regulator, the bank also announced the Singapore Exchange (SGX) will take a 10% stake in the DBS Digital Exchange.
Both parties will explore opportunities to deepen the liquidity, scale and growth of Singapore’s capital markets in the growing area of digital assets and digital currencies.
In a similar move, Standard Chartered bank gathered crypto exchanges for a new digital asset trading platform, CoinDesk reported earlier this month.
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