Singapore-based DBS Bank plans to launch its own crypto exchange, known as the DBS Digital Exchange.
The bank willingly revealed little about the platform, but additional information came from a specific cached page.
The page was removed, but it turned out that the bank would offer tokenization in addition to trading services.
The Singapore-based banking and financial services company, known as DBS, recently announced its intention to introduce a crypto currency trading platform. The bank – currently the largest bank in South Asia by assets – is in the process of building its upcoming exchange.
The bank was willing to reveal some information about the upcoming platform, but some details were actually revealed due to a bug that involved a cached web page. The page was posted by mistake, and it wasn’t long before DBS shut it down.
Before that, however, it was discovered that the DBS Digital Exchange – the upcoming trading platform – will provide access to an integrated ecosystem of solutions that will unlock the enormous potential of private markets and digital currencies.
What is known about the upcoming exchange?
The platform will list four cryptos paired against four Fiat currencies. The coins in question will include Bitcoin, Ethereum, XRP and Bitcoin Cash. As for the Fiat currencies, the bank will support the Singapore dollar, USD, Hong Kong dollar and Japanese yen.
The bank’s spokesman said the exchange is still in progress, as are the plans for the platform. For the time being, the bank’s main focus is on obtaining the approvals from the regulatory authorities – more precisely, the Monetary Authority of Singapore. As long as this has not been done, the bank does not want to disclose any further details.
However, it is also known that the exchange will offer tokenization services that will allow various companies to raise money through digital assets and the issuance of securities. This information comes from the aforementioned cached page, which was removed shortly after its publication.
In addition, it is known that the asset is held in custody by the bank’s own custodian service, known as DBS Digital Custody.
