The crypto markets are rallying amid a big announcement from the largest retail and commercial bank in Singapore.
DBS says it plans to launch a crypto trading platform supporting Bitcoin, Ethereum, XRP and Bitcoin Cash. The coins will be paired with the Singapore dollar, US dollar, Hong Kong dollar and Japanese yen.
The bank initially posted a press release about the launch, but quickly took the notice down. Representatives now say the project will launch once it has received approval from regulators.
The bank says it would also allow companies to issue security tokens. DBS plans to maintain custody of the crypto assets, and it’s not yet clear if customers will be able to move their crypto to private wallets.
Three Arrows Capital Su Zhu says the move will instantly make the bank the easiest way to buy crypto in the country.
The crypto markets are rallying, with Bitcoin up 5.56% at $13,626 at time of publishing, according to CoinMarketCap.
Ethereum is up 9.97% at $406, and XRP is up 2.07% at $0.2513.
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