October 29, 2020

Leaked- Singapore’s Largest Bank to Launch a Crypto Exchange

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DBS, Singapore’s largest bank has leaked, maybe accidentally, that they will be launching a fiat-to-cryptocurrency exchange platform.

The information was posted on the DBS website, however, only appeared briefly before it was taken down moments later.

It is being called the ‘DBS Digital Exchange’, users of the trading platform will be able to trade with four crypto assets; Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and XRP.

Fiat currencies that will be supported include the Singapore Dollar (SGD), Hong Kong Dollar (HKD), Japanese Yen (JPY) and the US Dollar (USD).

The exchange has been launched for the institutional investors directly, including financial institutions and professional market makers.

It was reported to ‘The Block’ by a Spokesperson for DBS,

“DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made.”

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