Singapore’s largest bank DBS is planning to establish a crypto exchange platform called DBS Digital Exchange. The financial institution announced the plans for the new exchange division on the 10th of December. The announcement further revealed that Singapore’s largest derivatives and asset exchange SGX supports the DBS Digital Exchange. SGX possesses a nearly 10% stake in the new crypto exchange.
According to the announcement, accredited and institutional investors will have access to trade selected digital assets on the platform. Specifically, the investors will be able to trade Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Ripple’s XRP.
The CEO of DBS Group, Piyush Gupta, said:
“For Singapore to be even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading.”
As Cointelegraph noted, another feature of DBS Digital Exchange is that investors will be able to tokenize their assets. The new crypto exchange platform will incorporate the Asian Banking system. As a result of the integration, users will be able to buy and deposit selected digital assets using Singapore dollars, the US dollars, the Hong Kong dollar, and the Japanese yen.
In addition, the DBS crypto exchange will also provide custodial services to investors.
The CEO of SGX, Loh Boon Chye, also commented on the latest development. She said:
“There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space.“
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