DBS Bank’s Digital Exchange to Begin Trading Crypto ‘Next Week’

DBS Bank’s Digital Exchange to Begin Trading Crypto ‘Next Week’
Fireblocks, a platform that secures digital assets in transit, is expanding in Asia with two new offices, one in Hong Kong, the other in Singapore. (Credit:Shutterstock)

DBS Bank of Singapore has officially announced the arrival of its digital assets exchange, with trading to start next week.

The DBS Digital Exchange is 10% owned by Singapore’s SGX stock exchange. It will also provide tokenization of securities and other assets, as well as bank-grade custody for digital assets.

The new exchange will facilitate spot exchanges from fiat currencies to cryptocurrencies and vice versa, said Piyush Gupta, DBS Group CEO on a media call, Wednesday. 

Four fiat currencies (SGD, USD, HKD, JPY) will be tradable against four of the most established cryptocurrencies covering 70-80% of the market, namely bitcoin, ether, bitcoin cash and XRP, Gupta added.

“We are ready to begin crypto trading as early as next week,” said Gupta. “Security token offerings may take a month or two to get started – but in summary we are ready to go.”

The security token offering part of the digital exchange will comprise 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.

“You can tokenize anything, you can tokenize a painting,” said Gupta. “But for now we will be concentrating on financial assets.” Gupta said.

The third part is custody, which is said to be bank and institution grade. This will be air-gapped cold storage that leverages all the existing cyber security tech at the bank, Gupta said.

Interestingly, Swiss digital exchange SDX said this week it would also be in Singapore with Japan’s SBI Holdings, slated for launch in 2022.

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