Update at 09:45 UTC: The bank seems to have pulled the exchange’s landing page, which suggests that the launch is not quite ready yet. We will update this story as it develops…
On Tuesday (October 27), Singapore-based DBS Bank, the largest bank (by assets) in South East Asia, is launching “DBS Digital Exchange”, a bank-backed digital exchange.
DBS Digital Exchange, which is regulated by the Monetary Authority of Singapore, is backed by the leading Asian financial services group DBS Bank. It provides trading services “from fiat currencies to four of the top digital currencies in circulation – Bitcoin, Bitcoin Cash, Ether, and XRP.”
However, it is important to point out that this platform is not aimed at retail investors:
DBG Digital Exchange only accepts financial institutions and professional market makers as members. Individual investors can only access the exchange via a member…
Here is what is special about the DBS Digital Exchange — it does not hold any cryptoassets. Here is DBS explaining this idea:
Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognised for its custodial services. To keep customers’ digital assets safe, DBS Bank has deployed DBS Digital Custody, an institutional-grade custody solution specially tailored for safekeeping digital assets.
These are the trading pairs supported by the platform:
BTC/SGD | BTC/HKD | BTC/USD | BTC/JPY, BCH/SGD | BCH/HKD | BCH/USD | BCH/JPY, ETH/SGD | ETH/HKD | ETH/USD | ETC/JPY, XRP/SGD | XRP/HKD | XRP/USD | XRP/JPY
The total exchange fees will be 10bps. The order types that will be supported are “Market, Limit and FAK (Fill-and-Kill).”
DBS Digital Exchange also plans to support security tokens (which are “listed cryptographic tokens backed by real assets such as equities, physical properties, fixed income instruments, and even fine art”)in the future.
Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital, says that this will “become the easiest on-ramp for those who bank in Singapore”:
Featured Image by “designerpoint” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.