Sirlibz
DBS, Singapore’s Biggest bank is launching a Cryptocurrency exchange. The exchange called DBS digital Exchange will function as a fiat-to-cryptocurrency exchange which will allow customers to trade in four crypto assets-Bitcoin (BTC), Bitcoin cash(BCH), Ether(ETH), and Ripple (XRP) against fiat such as Singapore dollar(SGD), Hong Kong dollar(HKD), the U.S dollar (USD) and the Japanese yen (JPY).
The crypto exchange plans on conducting security token offerings(STO’s) “in due course” ,this is to help small and medium sized businesses to raise funds. The official report stated.
“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 DBS exchange announcement stated.
The exchange will be monitored and regulated by the monetary authority and will leverage the banks expensive experience over the years in capital markets and providing secure custodial services.
DBS digital exchange does not plan on allowing deposits and storage on the exchange platform itself, they plan on allowing customers to store all digital assets with the DBS bank. To ensure that users funds are safe, the bank has deployed an institutional
Grade custody solution specifically tailored to the safe keeping of digital asses.
Deploying the stock exchange Exchange method of trades
Unlike other crypto currency exchange which allows for the trading of Cryptocurrencies anytime including weekends, DBS digital Exchange will not allow trading on weekends and also has time limits to trading on weekdays which are from 9am to 4pm similar stocks exchange .
The FAQ section of the website also indicated that the exchange platform would be available to institutional investors who would need to access the platform through a DBS member such as DBS buckets securities (Singapore) and DBS private bank.
