DBS Bank Looks to Be Launching a Digital Asset Exchange

Oct 27, 2020 at 10:48 UTCUpdated Oct 27, 2020 at 11:04 UTC

DBS Bank

(S3studio/Getty Images)

DBS, the Singapore-based bank and financial services corporation, appears to be planning to launch a digital assets trading platform.

According to a cached web page, apparently posted in error and taken down again, DBS Digital Exchange will offer access to “an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.”
On offer for trading against the Singapore dollar, the Hong Kong dollar, Japanese yen and U.S. dollar will be four top cryptocurrencies: bitcoin, bitcoin cash, ether and XRP
The exchange will also offer tokenization services, offering business the opportunity to raise funds by issuing digital forms of securities and assets, per the page.
Assets will not be held by the exchange but by a dedicated, “institutional grade” custodian set up by DBS, dubbed DBS Digital Custody.
The exchange is regulated by the Monetary Authority of Singapore, the city-state’s de facto central bank.
CoinDesk has reached out to DBS for confirmation and further information on the launch, but had not received a reply by press time.
DBS is Southeast Asia’s largest bank by assets, according to online sources.