Singapore’s largest bank is reportedly launching a crypto exchange.

Singapore's largest retail and commercial bank, DBS, seems to be entering the cryptocurrency space with three new crypto-related offerings.

According to information seen by the crypto news outlet Cointelegraph, DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings. Reportedly, DBS’ upcoming crypto service includes the DBS Digital Exchange that will support five major cryptocurrencies; Bitcoin, Ether, XRP, Bitcoin Cash, and Ethereum Classic. Supported fiat currencies include the United States dollar, the Singapore dollar, the Hong Kong dollar, and the Japanese yen. Since crypto adoption has increased, different types of business ideas have also emerged within the space.

 

The DBS Digital Exchange will also allow small- and medium-sized enterprises. 

DBS Digital Exchange will not hold any assets itself. Instead, “all digital assets are kept at DBS Bank, which is globally recognized for its custodial services.” The DBS Digital Exchange will also allow small- and medium-sized enterprises as well as large corporations to issue security tokens. As a company regulated by the Monetary Authority of Singapore, DBS noted that its upcoming crypto service would offer “distinct advantages such as the assurance of institutional-grade security.” According to the document, the upcoming bank-backed exchange also aims to also provide robust measures to prevent fraudulent activities and maintain strict compliance with Anti-Money Laundering and Counter-Terrorist Financing regulations.

 

Crypto adoption increases this year amid the ongoing pandemic. 

Cryptocurrency adoption in African countries has increased this year amid the ongoing pandemic. The bitcoin trading on Peer-to-Peer platforms witnessed a rapid growth in the last few months, with the African continent now the second-strongest region in the world for P2P volume, just behind the United States. The African continent is the only region to post an increase in the seven-day P2P trade in July. Since early this year, the sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge as the second-strongest peer-to-peer market by a volume margin of more than 50%. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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