- DBS bank B2B exchange would be live soon.
- Singapore based bank is also launching DBS security token.
- Singapore based bank seeks to leverage cryptocurrency trading.
DBS, Singapore’s leading banking institution momentously disclosed information on a future crypto enhanced trading plan. The web page also unveiled the possibility of token offerings as part of the plan too.
Targeting financial institutions and corporal marketers no details were spawned on facilitation for retail sector clients. The plan for individuals is to go through the DBS bank B2B exchange for crypto transactions. Disputably, the now archived page mentions investors and family offices to email applications for membership details.
DBS Bank B2B Exchange trades in major cryptocurrencies
Details on the digitalized exchange of DBS reveal the inclusion of major cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple (XRP) as well as paper currencies US Dollar.
The web page reveals that the DBS Bank B2B Exchange for cryptocurrency plans to support four cryptocurrencies, Bitcoin, Bitcoin Cash, Ether, and XRP, and four fiat currencies, USD, Singapore Dollar, Japanese YEN, and Hong Kong Dollar. It also highlighted the banks’ stance on its solutions, not needing stablecoins like Tether for trading purposes owing to its lack of deposits back up and algorithms.
Regulatory efforts include regularization by MAS (Monetary Authority of Singapore); however, not being officially processes seems to be the reason for the vanishing page. On the security front, the bank is expected to station a customized digitally secure custody solution boasting institutional-grade. The solution is said to target the protection of digital assets.
A notable distinct feature of digital trading embedded with block chain technology is its round the clock trading availability, however DBS website revealed trading hours.
DBS has been representing a growing interest in cryptocurrencies and is one of the first institutions to implement blockchain technology to trade finances. Its association with blockchain platforms like dltledgers, Marco Polo, Contour, e-trade connect (Hong Kong), and the ICC Tradeflow (Singapore) all point towards its ongoing curiosity for the digital field.
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