DBS bank to start it’s crypto exchange services

  • DBS Bank has started its own DBS digital exchange to offer crypto-related services
  • South-Asia’s largest bank will use blockchain technology to offer a number of services
  • 10% of the exchanges stake will be taken by the Singapore Exchange, where the rest will belong to the bank
  • Yet the services are only available for professional investors

DBS Bank, Singapore based traditional bank hosted by South Asia’s largest lender, DBS Group Holdings, has launched its digital exchange. It is known that the soaring demand for digital assets has led the bank to launch such services. The exchange is set up to offer several services, including crypto trading, tokenization, and custody services to institutional accredited investors.

DBS bank to use the blockchain technology

On Thursday, the DBS bank stated in a statement to Reuters that it is using blockchain technology. South Asia’s largest bank will offer a platform using blockchain technology. In the platform of the bank, users will get services like fundraising through asset tokenization and secondary trading of virtual assets.

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The tokenization services provided by the DBS digital exchange represents converting rights. In the process of tokenization, users will be able to convert the rights to an underlying asset class like shares of unlisted firms and other private equity funds into a unique digital form. Indeed, then such asset classes will become eligible for trading.

Singapore Exchange will take a stake in the DBS digital exchange

The DBS bank has also revealed that the Singapore Exchange will take a 10% stake in the DBS digital exchange. However, 90% of the stake will be owned by the bank itself. Now, both exchanges will explore opportunities to deepen liquidity. They will also deepen the scale and growth of the region’s capital markets for digital assets and currencies with liquidity. However, in the world, there are several firms operating exchanges for conventional digital currencies. Still, bank-backed crypto exchanges are very rare.

The services are yet not open for retail investors

For the current scenario, the digital exchange will not offer its services to ordinary retail customers. It is known that the exchange will offer its services first to professional investors. The enjoying users will be in an exclusive club for the likes of corporate fund managers who are clients of the bank. According to a release by Nikkie Asia, Matthew Dibb, the CEO of Stack Funds, stated that the investors could gain confidence as the exchange launched direct trading in select currencies, which also will help garner the adoption of the asset class.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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