DBS Bank to launch DBS Digital Exchange next week

DBS Bank to launch DBS Digital Exchange next week

Singapore-based DBS Bank has officially announced the start of trading BTC, ETH, BCH and XRP through its own DBS Digital Exchange service, which will be launched next week.

DBS Digital Exchange is 10% owned by the Singapore Stock Exchange SGX. The service will provide tokenization of securities and other assets, as well as storage of digital assets. According to the CEO of DBS Group Piyush Gupta, the new exchange will simplify the exchange of fiat currencies for cryptocurrencies and vice versa.

The Singapore dollar, US dollar, Japanese yen and Hong Kong dollar will be traded in pairs with the four most common cryptocurrencies: BTC, ETH, BCH and XRP.

“We are ready to start trading cryptocurrency next week. It may take a month or two to launch the token-share offerings, but overall we are ready to go, ” Gupta said.

The share token offerings will be made through a regulated platform for issuing and trading digital tokens backed by financial assets, such as non-listed stocks, bonds, and private equity funds.

“You can tokenize anything, you can tokenize a picture. But for now, we will focus on financial assets, ” Gupta said.

The third direction of DBS Digital Exchange is custodial storage, which will have bank-level security. According to the CEO of DBS, this is a cold storage, which will use all the existing cybersecurity technologies in the bank.

As Gupta notes, the exchange will only be open to institutional clients and accredited investors. SGX CEO Loh Boon Chye said:

“We are excited to apply our strengths in market infrastructure and risk management to this venture. There are significant opportunities to increase confidence and efficiency in pricing in the global digital asset industry. We look forward to working closely with DBS to enhance Singapore’s reputation as an international financial center supporting multi-asset trading.”

Recall that in October, DBS Bank published and then deleted information about the launch of DBS Digital Exchange.