Singaporean lender DBS reportedly has plans in the works to enter the crypto market with its own digital exchange.
DBS is planning to launch a crypto exchange that will allow four digital currencies – Bitcoin, Bitcoin Cash, Etheerum and Ripple – to trade against the Singapore dollar, Hong Kong dollar, Japanese yen or U.S. dollar, according to a report by digital asset media firm «The Block».
Dubbed «DBS Digital Exchange», the initiative was first unveiled through a website seen by «The Block» which cached the now removed website.
A spokesperson for the bank told finews.asia that DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals. «Until such time as approvals are in place, no further announcements will be made,» the spokesperson said.
Regulated by the Monetary Authority of Singapore, the crypt exchange will be made accessible to institutional investors, including financial institutions and market makers. Retail investors will have access via DBS entities like its securities or private banking arm.
While most exchanges can execute orders at any time and any day, DBS will similarly follow the same trading hours as stock exchanges, allowing for less than seven hours per day, according to the report.
In addition to standard trading, DBS will also provide institutional-grade custody solutions for safekeeping digital assets and, in due time, conduct security token offerings to help small and medium-sized firms raise funds.
«Digital assets are poised to be the future of tomorrow’s digital economy,» the website originally read. «With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.»
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