Singapore Bank DBS Launches Crypto Exchange

Singapore’s largest bank, DBS, announced the creation of a cryptocurrency exchange that will allow institutional investors and accredited individuals to use a fully integrated ecosystem for tokenization, trading and storage of digital assets.

In particular, conversion of fiat funds into digital and vice versa on the spot market is available on the site. At the first stage of work, customers will be able to make transactions with the Singapore dollar, American currency, Hong Kong dollar and Japanese yen, as well as with BTC, Ethereum, Bitcoin Cash and XRP.

“The exponential pace of asset digitalization provides tremendous opportunities to reshape capital markets. For Singapore to become even more competitive as a global financial center, we must prepare ourselves to welcome the widespread adoption of digital assets and trade in a new type of currency. DBS is committed to accelerating the development of a fully integrated ecosystem to facilitate this process. We believe we are presenting a first-of-its-kind integrated offering that is different in many ways, ”wrote Piyush Gupta, CEO of DBS Group.

Note that in 2019, the global daily trading volume on global digital exchanges ranged from $ 50 billion to $ 100 billion.