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Last week, Cryptohopper reported that leading banks JPMorgan Chase and Goldman Sachs seem to be paying increased attention towards cryptocurrency services. This week, DBS Bank of Singapore - the largest bank in SE Asia - has gone live with its cryptocurrency trading exchange platform. This latest entry suggests that crypto is entering into mainstream adoption and traditional banks are stepping in to bridge the gap.
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The details: The DBS exchange launched its full-service digital exchange offering tokenization, trading, and custodian services for digital assets. The bank has already been granted approval from Singapore’s regulator, the Monetary Authority of Singapore (MAS). With the launch, the platform now facilitates spot trading in four fiat currencies - SGD, USD, HKD, and JPY, as well as four prominent digital currencies - Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP).
Singapore’s Crypto Financial Hub
Singapore is starting to become a financial hub for digital assets with leading companies offering digital assets services for the country. Apart from custodian services, the DBS exchange will also provide services for the tokenization of securities and assets by leveraging blockchain technology. However, unlike its other counterparts in Singapore, the DBS exchange will primarily cater to institutional investors and accredited investors.
Across SE Asia, multiple traditional players are introducing digital assets into their realm. The Singaporean Exchange (SGX) and Japan’s SBI group are a few names exploring the cryptocurrency space in different capacities.
Bottom Line: This move by a large banking institution will prompt other leading banks to explore crypto services.
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