DBS has announced that it will launch full-service digital exchange which will enable Institutional Investors and Accredited Investors to tap into a fully integrated tokenization, trading and custody ecosystem for digital assets.
The digital exchange will use blockchain technology to provide an ecosystem for fund raising through asset tokenisation and secondary trading of digital assets including cryptocurrencies.
Tokenisation platform allows users issuing and trading of digital tokens backed by financial assets, such as shares in unlisted companies, bonds and private equity funds.
The digital exchange system will facilitate spot exchanges from fiat currencies to cryptocurrencies and vice versa. The DBS Digital Exchange will offer exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established cryptocurrencies, namely Bitcoin, Ether, Bitcoin Cash and XRP.
Digital Custody Services is an institution-grade digital custody solution to meet the increasing demand for secure custodial services tailored for digital assets under their prevailing regulatory standards. Leveraging DBS’ experience in providing world-class custody services for conventional assets, DBS’ digital custody services provide the custody of cryptographic keys that control digital assets on behalf of clients.
DBS received approval from the Monetary Authority of Singapore (MAS) as a recognised market operator earlier this month.
Piyush Gupta, Group CEO, DBS, said,
“The exponential pace of asset digitalisation provides immense opportunities to reshape capital markets. For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading. DBS is committed to accelerating the development of a fully integrated ecosystem to facilitate this. We believe that this is the first of its kind integrated offering, which is differentiated in many ways.”
