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DBS Set to Launch Crypto Exchange With SGX Holding a 10% Stake

 

DBS announced that it will set up a digital exchange with Singapore Exchange (SGX) holding a 10% stake, enabling investors to tap into a fully integrated tokenisation, trading and custody ecosystem for digital assets. Crypto trading activities is said to start as early as next week.

They shared the platform will be operating during Asian trading hours from 9:00 am to 5:00pm.

Loh Boon Chye, CEO of SGX, said,

“We are excited to apply our strengths in market infrastructure and risk management to this venture. There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space. We look forward to working closely with DBS to advance Singapore’s standing as a multi-asset international financial center.”

With the DBS Digital Exchange, DBS will leverage blockchain technology to provide an ecosystem for fund raising through asset tokenisation and secondary trading of digital assets including cryptocurrencies.

This includes Security Token Offerings which is a regulated platform for the issuance and trading of digital tokens backed by financial assets, such as shares in unlisted companies, bonds and private equity funds.

It will also feature a digital currency exchange where cryptocurrency trading that will facilitate spot exchanges from fiat currencies to cryptocurrencies and vice versa can take place. 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.

The crypto exchange will also feature digital custody services with 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 custody services for conventional assets, DBS’ digital custody services provide the custody of cryptographic keys that control digital assets on behalf of clients.

 

Source : Fintechnews.sg

 

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,893 0.81 % 11.83 % 15.22 %
Ethereum1,543.4 0.07 % 14.99 % 20.50 %
Cardano1.310 1.88 % 7.71 % 18.22 %
Binance Coin255.01 1.41 % 27.51 % 13.73 %
Tether1.000 0.18 % 0.10 % 0.20 %
Polkadot35.23 0.10 % 16.00 % 11.30 %
XRP0.4430 2.03 % 10.67 % 19.59 %
Litecoin173.88 0.08 % 10.54 % 23.71 %
Chainlink27.16 0.63 % 16.78 % 20.71 %
Stellar0.4239 1.09 % 8.75 % 15.10 %