DBS Bank will be launching a digital currency exchange. The largest lender in Singapore, through its new project, will allow for institutional clients to trade with crypto coins against an array of fiats.
The project will be entitled to DBS Digital Exchange. As of now, the platform will be running Bitcoin, Ether, Ripple, and Bitcoin Cash. Users can trade with these major cryptocurrencies against fiats, such as the Singapore dollar, USD, Hong Kong Dollar, and the Japanese Yen.
The way media outlets got a hold of the news was after a mistake made by the bank. The website of the bak updated with the news of the exchange, but then quickly took the page down. However, there is a cached version of the deleted page, which is where most got their info from.
“Digital assets are poised to be the future of tomorrow’s digital economy…With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies” the page read before being deleted.
However, the project expands further, and will additionally offer digital coin custodian services and security token offerings.
Institutional investors are technically the only ones who will be able to access the crypto exchange services. Retail investors will be able to access the service only through DBS members (DBS Vickers Securities and DBS Private Bank).