News Flash: DBS Bank will launch a cryptocurrency exchange next week and begin STO trading in the first quarter of next year.
According to The Business Times, DBS Bank has announced the establishment of a digital exchange, including a platform for cryptocurrency trading, which will be launched next week. The platform will allow trading of four fiat currencies: USD, SGD, HKD, and JPY, and will facilitate trading with Bitcoin, Ether, Bitcoin Cash, and XRP. However, the exchange will only be available to specific institutional and accredited investors. In the future, the platform will also offer tokenized asset issuance and trading, as well as digital asset custody services. The STO platform is set to launch in the first quarter of next year. The platform is being introduced in compliance with regulations set by the Monetary Authority of Singapore.
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According to a Business Times report, DBS Bank has announced the establishment of a digital exchange, with a platform for cryptocurrency trading set to launch next week. The platform will facilitate trading in four fiat currencies: US dollars, Singapore dollars, Hong Kong dollars, and Japanese yen, allowing for transactions with Bitcoin, Ether, Bitcoin Cash, and XRP. However, the exchange will only be accessible to accredited and institutional investors. In the future, the platform will also offer tokenized asset issuance and trading, as well as digital asset custody services. The STO platform is expected to be launched in the first quarter of next year. The platform is being introduced in compliance with regulations set by the Monetary Authority of Singapore.
Reportedly, the exchange will be operated by a subsidiary of DBS Bank, with DBS Bank holding a 90% stake and the Singapore Exchange holding 10%. The platform will be led by Meng Wee Lim, who has 13 years of experience at the Singapore Exchange and 4 years at DBS Bank.
JUST IN: We will be launching a digital exchange, offering exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established #cryptocurrencies, namely Bitcoin, Ether, Bitcoin Cash and XRP. Find out more: https://t.co/qBRftYyHqJ#SGFintechFest pic.twitter.com/UwhrkJ5Uwv
— DBS Bank (@dbsbank) December 10, 2020
The above plans align with the information previously released on the DBS Bank official website, as detailed in the report.
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