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The massive attention that cryptocurrencies and blockchain technology have received in past months called the attention of DBS Bank.
Singapore’s largest bank, DBS Bank, announced the arrival of crypto trading next week, with the integration of DBS Digital Exchange as a subsidiary of the bank. According to a recent press release, the platform will work with blockchain technology – offering assets tokenization and cryptocurrency trading.
The exchange services include the tokenization of assets and custody with cryptographic keys, and four traditional fiats (JPY, USD, SGD, HKD), as well as four leading market cap crypto-assets (Bitcoin, Ethereum, XRP, and Bitcoin Cash) to trade with.
Likewise, an increase in cybercrimes, especially on exchanges and DeFi protocols, have increased the demand for better security methods. Only this year, + $100M have been stolen in these platforms using flash loans and phishing. DBS stated they’re aware of this growing problem – and the exchange plans to provide cryptographic keys to investors, providing total control of their assets to avoid these kinds of crimes.
The statement is followed by the recognition of DBS Exchange as an official Market Operator, issued by the Monetary Authority of Singapore. The platform will be only accessible for DBS-members and partner investors, after they injected recently $429 million into cryptocurrency funds. These members will benefit from in In-depth knowledge on major southeast asian markets, AI technology to enhance security methods to prevent cyber-crimes, and a major investor pool from private banks.
DBS Bank Work with Crypto as an Opportunity to Reshape Capital Markets
The massive attention that cryptocurrencies and blockchain technology have received this past month called the attention of DBS Bank. As more famous millionaire investors and institutions like Grayscale are adopting Bitcoin and other cryptocurrencies as good stores of funds, the director of DBS Bank thinks that now is a time to fully embrace the cryptomarket:
“The exponential pace of asset digitalization provides immense opportunities to reshape capital markets. For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading,” Piyush Gupta, Group CEO of DBS, stated.
“We are excited to apply our strengths in market infrastructure and risk management to this venture. There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space. We look forward to working closely with DBS to advance Singapore’s standing as a multi-asset international financial centre,” saidLoh Boon Chye, CEO of SGX.
Gupta added that the tokenization could begin in early 2021. But, in general, the exchange is ready to begin with crypto-trading in the next week. Only in 2019, crypto-assets trading volume reached an amount of $100 billion in 2019, according to graphics in Coinmarketcap. The current market capitalization is a total of $ 580 billion.
While DBS Bank will take 90 % stake, the SGX (Singapore Stock Exchange) takes the 10 % stake remaining.
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