The crypto assets will be paired with the US dollar, Singapore dollar, Hong Kong dollar and Japanese yen.
After issuing a statement about the roll out, the bank removed the notice in a short period of time. The bank’s official spokesperson clarified that the venture awaits nod from regulators.
UPDATED: @dbsbank just sent @decryptmedia the following announcement: “DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals” https://t.co/Bn86tpSARd
— Adriana Hamacher (@AdrianaHamacher) October 27, 2020
Furthermore, DBS has stated that it would permit enterprises to issue securities in the form of tokens. The bank also intends to run custodial business for the crypto assets and there is no clarity as to whether customers will be able to transfer their holdings to private wallets.
Su Zhu of Three Arrows Capital has stated that the step will immediately result in the creation of easiest method to purchase cryptocurrency in the island nation.
DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange!
This will immediately become the easiest on-ramp for those who bank in Singapore
BTC, BCH, ETH, XRP the listed crypto assets
SGD, HKD, JPY, USD the listed fiat https://t.co/u0Zxolf1OM
— Su Zhu (@zhusu) October 27, 2020
The cryptocurrency markets are surging, with Bitcoin (BTC) gaining 5.30% to $13,750. Ethereum has rallied 3.10% at $404.88, and XRP is up 1.30% at $0.2520.