Singapore’s Biggest Bank DBS is Launching a Fiat-to-cryptocurrency Exchange

DBS, Singapore's biggest bank&largest lender, is pleased to provide an update on the upcoming crypto exchange services.

The bank updated on its website showing an exciting fact that it is launching a digital currency exchange allowing both institutional and retail customers to trade cryptocurrencies against multiple fiats.

DBS'upcoming crypto service—the DBS Digital Exchange—is planning to support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC), as well as four fiat currencies include the United States dollar, the Singapore dollar, the Hong Kong dollar and the Japanese yen.

Assets will not be held by DBS Digital exchange but by a dedicated, "institutional grade" custodian set up by DBS, dubbed DBS Digital Custody. "all digital assets are kept at DBS Bank, which is globally recognised for its custodial services."

Apart from crypto trading services, DBS will additionally offer proprietary crypto custodian services and security token offerings.

"Digital assets are poised to be the future of tomorrow's digital economy. With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.” the now-deleted DBS webpage noted.