Only Financial Assets Are Tokenized For Now. ... trade transactions and foreign exchange ... Block.one secures funding for $10B EOS-based crypto exchange platform ��� This is not DBS' first foray into digital assets. The Bitcoin Bubble Is Popping, Where Will The Drop Stop. The cryptocurrency market has been volatile in the past few months, fueled by both institutional adoption and retail speculation. The security token on the digital exchange will include a regulated platform for trading and issuance of digital tokens backed by financial assets like private equity funds, bonds, and shares in unlisted firms. Singapore stock exchange takes 10% stake in DBS��� new crypto ��� According to the report, the news was discovered after the publication of the exchange���s website. Gupta added that the tokenization could begin in early 2021. The current market capitalization is a total of $ 580 billion. These members will benefit from in In-depth knowledge on major southeast asian markets, AI technology to enhance security methods to prevent cyber-crimes, and a major investor pool from private banks. Trading volumes on DBS Digital Exchange, an institutional crypto trading platform launched by Singapore���s largest bank DBS in December, have increased tenfold over the last quarter, DBS CEO Piyush Gupta revealed in a media briefing. Brian Badzmierowski / Khmer Times Share: DBS Bank has started offering cryptocurrency services ... the government���s digital payment platform��� DBS Launches Bitcoin Services Singapore Exchange to Take 10% Stake in DBS Crypto Trading ��� DBS Bank Expanding crypto services DBS Bank launched DBS Digital Exchange platform in December last year. ���Even with the careful expansion, the first-quarter numbers have been encouraging. The plan is to integrate the platform into the Asian banking system, which will allow customers to buy or deposit crypto funds with Japanese yen, Hong Kong dollars, U.S. dollars, as well as Singapore dollars. But for now, the concentration for tokenization is only on assets. Price data provided by our official partner CoinGecko. 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,” Piyush Gupta, Group CEO of DBS, stated. Called DBS Digital Exchange (digi ex), the platform opens trading with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH ), and XRP.. With the security token offering, a user or client can tokenize anything they want. October 27, 2020 | AtoZ Markets ��� DBS Bank, the largest bank in Singapore and Southeast Asia, launches its own cryptocurrency exchange. Only in 2019, crypto-assets trading volume reached an amount of $100 billion in 2019, according to graphics in Coinmarketcap. DBS To Begin Crypto Trading On Its Digital Assets Platform Posted on December 10, 2020 December 10, 2020 by Phillip Seefeldt The official news gathered from the three times in a row, ���Best Bank in the World��� according to Global Finance, the DBS Bank of Singapore has officially announced the launch of its digital assets exchange which will begin trading from next week. DBS sees high interest in cryptocurrency trading and digital custody capability. We look forward to working closely with DBS to advance Singapore’s standing as a multi-asset international financial centre,” saidLoh Boon Chye, CEO of SGX. While DBS Bank will take 90 % stake, the SGX (Singapore Stock Exchange) takes the 10 % stake remaining. Only this year, + $100M have been stolen in these platforms using flash loans and phishing. Dbs bitcoin trading. DBS Bank���s Digital Exchange to Begin Trading Crypto ���Next Week��� ��� Dubbed DBS Digital Exchange, the crypto trading platform is planning to list four top cryptocurrencies, Bitcoin, Ether, Ripple, and Bitcoin Cash, against multiple fiats, including the Singapore dollar, US dollar, Hong Kong dollar, and Japanese yen. According to a recent press release, the platform will work with blockchain technology – offering assets tokenization and cryptocurrency trading. Bank DBS to Launch Digital Currency Exchange - Caixin Global He also said the DBS Group has met all the requirements and is set to begin offering crypto trading from as early as next week. Reproduction in whole or in part in any form or medium without express written permission of Coinspeaker Ltd. is prohibited. The exchange services include the tokenization of assets and custody with cryptographic keys, and four traditional fiats (JPY, USD, SGD, HKD), as well as four leading market cap crypto-assets (Bitcoin, Ethereum, XRP, and Bitcoin Cash) to trade with. DBS��� crypto trading platform supports four fiat currencies and four cryptocurrencies, including bitcoin. ''Leveraging the power and strength of DBS Bank allows us to build volume, liquidity and scale in this exchange, in a manner other bespoke exchanges find difficult to do,'' says Mr Gupta. Copyright © 2017-2019 Cryptovibes.com. When asked about the potential growth of the digital exchange, CEO Piyush shared an optimistic view of the future of cryptocurrency. The custodial service, according to Gupta, will be of bank and institut9ion grade. DBS to launch crypto trading platform for members next week. It���s revealed that using it���s STO features, businesses will be able to issue tokens. Dubbed DBS Digital Exchange, the crypto trading platform is planning to list four top cryptocurrencies, Bitcoin, Ether, Ripple, and Bitcoin Cash, against multiple fiats, including the Singapore dollar, US dollar, Hong Kong dollar, and Japanese yen. The massive attention that cryptocurrencies and blockchain technology have received this past month called the attention of DBS Bank. Singapore’s largest bank, DBS Bank, announced the arrival of crypto trading next week, with the integration of DBS Digital Exchange as a subsidiary of the bank. Once launched, DBS will provide custody service for the storage of crypto assets on behalf of its clients. Breakthrough in the World of Crypto Trading, Register World-Class Artworks as NFTs on Blockchain, Disrupting industrial cleaning with impact chemistry. As more famous millionaire investors and institutions like Grayscale are adopting Bitcoin and other cryptocurrencies as good stores of funds, the director of DBS Bank thinks that now is a time to fully embrace the cryptomarket: “The exponential pace of asset digitalization provides immense opportunities to reshape capital markets. Singapore bank DBS starts currency and crypto exchange - Nikkei ��� Singapore bank DBS to launch digital exchange as crypto demand ��� You have successfully joined our subscriber list. This website uses cookies. The DBS cryptocurrency trading platform will also support four fiat currencies such as the US dollar, the Singaporean dollar, the Japanese Yen and Hong Kong dollar. Singapore���s DBS Bank to Launch Crypto Trading Platform Next ��� However, it will take at least two months before the institution is set for security token offerings, Gupta reiterated. Singapore���s DBS bank becomes first in Asia to offer crypto exchange We have about $80 million of assets under custody today. The platform will be only accessible for DBS-members and partner investors, after they injected recently $429 million into cryptocurrency funds. Several media outlets reported. DBS Bank opens crypto trading service to clients. DBS stated they’re aware of this growing problem – and the exchange plans to provide cryptographic keys to investors, providing total control of their assets to avoid these kinds of crimes. The plan was initially announced in October, but the company has finally picked next week for its official launch. The platform will facilitate trading between four fiat currencies - the Singapore dollar, US dollar, Hong Kong dollar and Japanese yen - and four established cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and XRP. DBS, Trafigura start blockchain trade platform in Singapore Additionally, the DBS tokenized exchange will offer a platform for tokenized assets like private equity funds, bonds, and shares in unlisted companies. The digital assets trading platform would allow users to trade BTC, BCH, ETH and XRP. Next week, there will be a new entrant to the crypto exchange industry, as DBS bank has finalized plans to launch a crypto trading platform. Singapore's DBS Bank to Launch Crypto Trading Platform Next Week Copyright © 2014 - 2021 Coinspeaker Ltd. All rights reserved. “We are excited to apply our strengths in market infrastructure and risk management to this venture. Once launched, DBS will provide custody service for the storage of crypto assets on behalf of its clients. On a similar note, Swiss digital exchange SDX announced this week that it wants to set up a crypto exchange in Singapore, but the launch date will be in 2022. © 2014 - 2021 COINSPEAKER MEDIA LTD. ALL RIGHTS RESERVED. DBS Launches a Cryptocurrency Exchange: Should Investors Get ��� DBS Bank, the biggest bank in Singapore has announced on Tuesday, October 27, 2020, that it is rolling out the fiat-to-crypto currency trading exchange known as Singapore���s largest bank DBS Bank has announced the launch of its fiat-to-crypto exchange. will set up a digital exchange for cryptocurrencies for firms and wealthy clients, while dbs bitcoin trading allowing fund raising via asset tokenization on a platform run by the largest bank. Digital Currency Exchange - Cryptocurrency trading that will facilitate spot forex trading or binary options exchanges from fiat currencies to cryptocurrencies and vice versa. It has been reported that DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings. The massive attention that cryptocurrencies and blockchain technology have received in past months called the attention of DBS Bank. ���DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange! (adsbygoogle = window.adsbygoogle || []).push({}); Likewise, an increase in cybercrimes, especially on exchanges and DeFi protocols, have increased the demand for better security methods. But, in general, the exchange is ready to begin with crypto-trading in the next week. A report by The Block news media reveals the launch of a crypto exchange platform by the largest bank in South East Asia, DBS. With the security token offering, a user or client can tokenize anything they want. By continuing to use this website you are giving consent to cookies being used. However, upon launch, the crypto exchange will be available to accumulate and institutional investors, and they can trade XRP, Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). JPMorgan and DBS to launch blockchain cross-border payment platform. The cryptocurrency markets remain bullish against the backdrop of a major news from DBS, the Singapore head-quartered retail and commercial bank, which has revealed its intention to roll out a cryptocurrency trading platform backing Bitcoin, XRP, Ethereum and Bitcoin Cash. Singapore���s DBS Bank Reveals Plan to Launch Crypto Trading Platform. The global daily trading value on the world's digital exchanges ranged from US$50 billion (S$67 billion) to US$100 billion last year. According to Gupta, the new DBS Digital Exchange will be the first of its kind in the world to have a traditional bank backing it. Out of the over $3.8 billion worth of cryptocurrencies liquidated, $2.1 billion came from Bitcoin trades, $1.01 billion from Ethereum trades with $115.4 million coming from XRP trades. DBS on Thursday announced that it will set up a digital exchange, which includes a cryptocurrency trading platform that will launch from next week. The DBS Digital Exchange is partially owned (10% interest) by Singapore’s SGX stock exchange. DBS Launches Crypto Services With SGX Holding a 10% Stake | ��� It will be based on cold storage that can leverage all the cybersecurity platforms at the bank to keep users’ digital funds safe. There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space. A BlockFi spokesperson noted that fewer than 100 clients have erroneously been credited Bitcoin, and efforts to retrieve and prevent such errors in the future are ongoing. Singapore���s largest retail and commercial bank DBS has planned to launch cryptocurrency trading and custody as well as a platform for conducting security token offerings with three new offerings.. 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��� Singapore���s Largest Bank DBS Is Launching Crypto Exchange Called ���DBS Digital Exchange���. DBS, Southeast Asia���s largest bank, says that cryptocurrency trading volumes on its exchange have grown 10 times to around $30 million to $40 million. Gupta said when the banking institution is ready for other security offerings, it will inform the public. According to DBS Group Chief Executive Officer Piyush Gupta, “the new exchange will facilitate spot exchanges from fiat currencies to cryptocurrencies and vice versa”. 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The statement is followed by the recognition of DBS Exchange as an official Market Operator, issued by the Monetary Authority of Singapore. The DBS Digital Exchange is partially owned (10% interest) by Singapore���s SGX stock exchange.