The largest bank in Singapore has confirmed it plans to launch a cryptocurrency exchange featuring four of the largest digital assets by market cap.
DBS Bank says its exchange will allow institutional and accredited investors to trade Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH).
The platform has received the go-ahead from the Monetary Authority of Singapore.
DBS CEO Piyush Gupta says the bridging of crypto assets and the banking system is a big boost for Singapore, which is currently ranked as the fifth largest financial center in the world.
“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.
DBS is committed to accelerating the development of a fully integrated ecosystem to facilitate this. We believe that this is the first of its kind integrated offering, which is differentiated in many ways.”
The digital exchange will offer exchange crypto services between four fiat currency pairs – the Singapore dollar, US dollar, Hong Kong dollar and Japanese yen.
So far, a firm launch date has not been made public.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/fotogenicstudio