Southeast Asian banking giant DBS Bank has revealed that the bank will launch a digital exchange for digital assets including cryptocurrencies, media reports said. The new digital exchange will provide tokenisation, trading and custody services to institutional and accredited investors. DBS Bank also revealed that Singapore Exchange will take a 10 percent stake in the new digital exchange.
The new digital exchange by DBS Bank will use blockchain technology and will permit trading of four types of assets which are bitcoin, bitcoin cash, ether and XRP.
DBS Chief Executive Piyush Gupta told the media, “I believe that the time is right for this (digital assets) industry to increasingly find partnership and sponsorship from the formal banking sector. There are thousands of different coins today being traded on different exchanges, and increasingly you are beginning to find that they are forming an important part of the asset allocation of wealth and private investors. We are on the cusp of a massive tokenisation and therefore you’ll find tokenisation of all kinds of assets around the world and I think more and more exchanges will start dealing with tokenised assets.”
Recently, it was also reported that DBS Bank, along with JP Morgan and Temasek are leading the development of a digital multi-currency payments network. The new payments network will aim at enhancing commercial cross-border clearing and settlements globally. Pilot trials for the project will start next year, according to the Monetary Authority of Singapore (MAS).