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DBS, Southeast Asia’s Biggest Bank, To Launch Cryptocurrency Exchange

In a recent withdrawn announcement, DBS, the global Singaporean bank, has disclosed the release of a cryptocurrency exchange. While the declaration by the giant financial and banking corporation was pulled later, crypto supporters made sure to share the announcement involving Ethereum, Bitcoin & Bitcoin Cash. 

“Cat’s out of the bag” 

DBS is Southeast Asia’s largest bank, with greater than $600 billion in assets across 100+ branches. While the announcement was quickly withdrawn, many proponents of cryptocurrency had noticed it. After this incident, the Twitter account Fiat minimalist tweeted a screenshot stating “Cat’s out of the bag” and said “This has been in the works for 2 years,” adding further, “All banks will have to follow suit. Imagine being bearish [toward] BTC,”.

This information has also been saved on Archive.org. The exchange website states that its “Digital Exchange offers trading services from fiat currencies to four of the top digital currencies in circulation – Bitcoin, Bitcoin Cash, Ether, and XRP”. 

DBS: cryptocurrencies are “the future of capital markets”

“Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognized for its custodial services. To keep customers’ digital assets safe, DBS Bank has deployed DBS Digital Custody, an institutional-grade custody solution specially tailored for safekeeping digital assets.”

Archived announcement

Official crypto adoption continues to grow. Just last week, Paypal announced crypto integration on its platform. In September, it was disclosed that US banks are now authorized to keep reserves for issuers of stablecoin. 

The bank’s new trading system aims to permit security token offerings. The announcement continues, “Companies searching for a regulated option to raise private capital from qualified investors can now tap on DBS Digital Exchange to securitize real assets into tradeable digital tokens,” 

The exchange announcement states conclusively:

“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”.

Disclaimer: CoinCrunch.in content is informational in nature and is not meant to be investment advice. Buying, trading or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions. © 2020 CoinCrunch
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