The bank unveiled its flagship crypto trading service, dubbed as DBS Digital Exchange, on an official website page, later removed from public view. Many in the crypto community now speculate that the page was taken down as DBS finalizes details on the launch’s correct timeframe.
The Monetary Authority of Singapore will regulate the DBS exchange, thus complying with regulatory demands for AML and terrorist financing.
The bank-backed digital exchange will offer trading services from fiat to BTC, ETH, BCH, and XRP with numerous trading pairs such as BTC/SGD, BTC/HKD, BTC/USD, and BTC/JPY.
Based on the original page’s info, DBS seems ready to capitalize on the growing demand for crypto investment. The bank noted that it would help SMEs and corporations raise capital via the creation and sale of digitized securities and assets.
As the largest bank in South East Asia with total assets of $518 billion, DBS brings credibility and institutional security assurance to investors.
DBS will also hold all digital assets via its DBS Digital custody, a solution specially tailored for the digital tokens’ safekeeping.
Today’s development makes the Singapore-based bank the pioneering mainstream bank to offer custodian and security token offerings services (STOs) for crypto.
Crypto Twitter Reacts
As news of a DBS exchange made rounds in the crypto sphere, many in the community shared their excitement about the new crypto/fiat trading platform.
Su Zhu, Co-Founder of crypto-focused hedge fund Three Arrows Capital, tweeted that the newly launched exchange promises to become the easiest on-ramp for Singaporeans.
Similarly, Changpeng Zhao, CEO of Binance, called the move to facilitate both institutional and retail clients to trade crypto “a step in the right direction.”
DBS Bank has expressed interest in entering the crypto space for a while now. In August, the bank’s Chief Economist published a research paper highlighting crypto appeal for international remittances.
The Wave of Crypto Adoption Is Growing
With the DBS bank-backed digital exchange’s soft launch, 2020 is truly shaping up as a landmark year for crypto adoption.
Last week, payments giant PayPal also unveiled plans to support crypto payments at its over 26 million merchants. Soon after the news broke, Virgin Galactic chairman Chamath Palihapitiya noted that global banks now had no option but to look into supporting BTC.
Singapore’s largest lender seems to be the first mainstream bank to respond, with the imminent launch of their DBS Digital Exchange.
The difference between the DBS exchange and PayPal’s crypto support is that the bank offers a true fiat on-ramp to the crypto ecosystem, while the payments giant falls short.
For now, PayPal is restricting users from purchasing crypto on its network, and existing digital asset holders can’t transfer the contents of other digital wallets over to their PayPal account.