DBS Bank (DBS), the largest bank in Singapore, launches computerized (digital) fiat money transactions, allowing commercial and private users to exchange digital currencies for various fiat currencies.
DBS Digital Exchange intends to start with four major digital currencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) against the four national currencies of Singapore (SGD), US (USD), Hong Kong dollar (HKD) ), Japan (JPY).
The DBS Group website says: Digital assets are expected to be the future of the digital economy. Thanks to DBS Digital Exchange, supported by DBS Bank, companies and investors have the opportunity to integrate into the digital ecosystem for solutions to access and use the great opportunities of private markets and cryptocurrencies.
Crypto Exchange DBS Digital Exchange operated by DBS Bank and supported by the Monetary Authority of Singapore (MAS). Provides the ability to convert standard fiat currencies into the four main cryptocurrencies available for use: BTC, BCH, ETH and XRP.
DBG Digital exchange claims the innovation is not targeted at retail speculators. Individual users can access the exchange only on the recommendation of members.
DBS Digital Exchange does not store crypto assets
Most modern digital exchanges store user assets on their premises. DBS Digital Exchange, by contrast, does not store any digital assets. On the contrary, all digital assets of users are stored in DBS Bank, which is widely known for its custody services. Institutional storage designed to protect users’ digital assets.
A distinctive feature of custodian services, the user does not have full control over the assets belonging to him, since the custodian (operator) has access to your private key. This service simplifies interaction with other exchange instruments and is beneficial when making transactions, due to the absence of an internal commission.
Do not forget about the disadvantages of custodial services, the operator’s access to user funds and the risks of their loss as a result of hacking, fork, by decision of state or legislative bodies. Lack of access to your assets during the period of maintenance.
Despite the growth of the services provided, aimed at expanding and facilitating functionality. The choice is only yours.