DBS Bank announced that it will set up an exchange for digital assets. This digital exchange enables the institutional and accredited investors, to tap into fully integrated tokenization, trading, and custody ecosystem for digital assets. Further, DBS mentioned that the new DBS Digital Exchange would permit the use of blockchain technology to offer a platform for fundraising via asset tokenization and secondary trading of digital assets including a cryptographic form of money.
The cryptocurrencies include Security Token Offerings, which is a regulated platform for issuing and exchange of digital tokens backed by financial assets, such as shares in unlisted companies, bonds, and private equity funds. Digital Currency Exchange, a cryptocurrency trading that will make spot exchanges from fiat currencies to cryptocurrencies and vice versa. The DBS Digital Exchange would allow trading services within four fiat currencies (SGD, USD, HKD, JPY), and four of the most established cryptocurrencies, such as XRP, Ether, Bitcoin, and Bitcoin Cash.
Digital Custody Services, is an institution-grade digital custody service to meet the increasing demand to secure custodial services tailored for digital assets under their existing regulatory standards. DBS Bank is experienced in offering world-class custody services for conventional assets, DBS’ digital custody services offer the custody of cryptographic keys that control digital assets on behalf of their customers.
Piyush Gupta, Group CEO, DBS Bank, mentioned that the rapid speed of asset digitalization offers great opportunities to redesign the capital markets. It is a tool for Singapore to become even more competitive among others as a global financial hub, preparing to take the mainstream adoption of digital assets and currency exchange. The DBS Bank is committed speed up the development of a fully integrated ecosystem to facilitate this. The bank assures that this is the first of its kind integrated offerings, which can be differentiated in many ways. DBS bank added that the announcement focuses on the in-principle sanction by the Monetary Authority of Singapore to encourage DBS Digital Exchange as a Recognized Market Operator, which allows to operate organized markets for property such as shares, bonds, and private equity funds.
