[ad_1]
Thu, December 10, 2020 – 6:18 pm
DBS announced on Thursday that it will establish a digital exchange, which includes a cryptocurrency trading platform that will launch starting next week.
The platform will facilitate trading between four fiat currencies (Singapore dollar, US dollar, Hong Kong dollar, and Japanese yen) and four established cryptocurrencies, including Bitcoin, Ether, Bitcoin Cash, and XRP.
The members-only exchange, accessible to institutional and accredited investors, will also include a platform for the issuance and trading of tokenized assets and the provision of digital custody services.
The platform for security token offerings is expected to launch in the first quarter of next year.
The bank’s announcement follows approval in principle by the Monetary Authority of Singapore for the exchange, allowing it to operate organized markets for assets such as stocks, bonds and private equity funds.
DBS Digital Exchange will operate as a subsidiary of the banking group, with DBS holding a 90 percent stake and the Singapore Stock Exchange the remaining 10 percent.
It will be led by Lim Meng Wee, who has spent more than a decade on the Singapore Stock Exchange and has held various senior positions at various brokerage firms in Asia.
At a press conference Thursday, DBS Group CEO Piyush Gupta noted that the rapid pace of asset digitization provides opportunities to reshape capital markets.
“To make Singapore even more competitive as a global financial center, we have to prepare to welcome the widespread adoption of digital assets and currency trading,” he said.
Global daily trade value on the world’s digital exchanges ranged from $ 50 billion to $ 100 billion in 2019, according to crypto market tracking app CoinMarketCap.
“Leveraging the power and strength of DBS Bank enables us to build volume, liquidity and scale on this exchange in a way that other custom exchanges find difficult to do,” said Gupta.
DBS created a stir in October when a website for such a digital exchange was inadvertently made public, but was later removed. The bank had said at the time that it was still seeking regulatory go-ahead for the initiative.
[ad_2]
