The biggest retail/commercial bank in Singapore is preparing itself to launch a crypto service

Quick take

1 minute read

• DBS is seemingly getting ready to enter the cryptocurrency industry with three new offerings.

• According to a report, the banking giant is launching a trading and custody platform for cryptocurrency for conducting security token offerings. 

The biggest retail and commercial bank in Singapore, DBS is seemingly getting ready to enter the cryptocurrency industry with three new offerings.

According to a report from Cointelegraph, the banking giant is launching a trading and custody platform for cryptocurrency for conducting security token offerings. The upcoming crypto service will be called the DBS digital exchange and will support five of the biggest crypto assets in the space including bitcoin cash, Ethereum, and of course, the leading crypto, bitcoin.

The Singapore dollar, Hong Kong dollar, Japanese yen, and the United States dollar are going to be some of the supported Fiat currencies on the network at launch.

The exchange has highlighted though that it won’t be holding any assets itself and instead have all the assets kept safe on the lock and key at DBS bank. For those that don’t know, the bank is well known for its custodial services.

On top of this, the exchange highlighted that small, medium and large businesses will be able to issue security tokens on the platform.

In case you didn’t know, the company is regulated by the Monetary Authority of Singapore and as a result, DBS highlighted that the upcoming crypto service will offer significant advantages including institutional great security.

The bank claims that it will have some of the strongest and strictest security with robust measures to prevent malicious individuals and fraudulent activities occurring on the network.

This is an exciting development for the world of crypto and specifically, cryptocurrency adoption. As a widely used bank, The fact that DBS is getting significantly involved with crypto and blockchain suggests that more people will be exposed to the world of bitcoin and Ethereum.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.