DBS launches its own trading platform for digital assets

Singapore’s largest bank DBS is launching a digital currency exchange featuring four top cryptocurrencies — Bitcoin, Ether, XRP and Bitcoin cash.

DBS Digital Exchange will be the world’s first cryptocurrency exchange backed by a traditional bank.

Singapore’s largest bank, DBS, announced the launch of a cryptocurrency exchange, DBS Digital Exchange. The Singapore Stock Exchange will take a 10 per cent stake in the new platform.

The platform is scheduled to launch next week. Only institutional and accredited investors will be able to trade on it. Transactions will be available in four cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP). Four national currencies — Singapore dollar, US dollar, Hong Kong dollar and Japanese yen will also be available for trading.

In addition to cryptocurrency operations, the platform will provide the ability to issue and trade asset-backed digital tokens. The company has also introduced a custodial service for storing digital assets.

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