{"id":130290,"date":"2020-12-10T15:38:51","date_gmt":"2020-12-10T12:38:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/singapores-largest-bank-dbs-sets-up-crypto-exchange-platform\/"},"modified":"2020-12-10T15:38:51","modified_gmt":"2020-12-10T12:38:51","slug":"singapores-largest-bank-dbs-sets-up-crypto-exchange-platform","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/singapores-largest-bank-dbs-sets-up-crypto-exchange-platform\/","title":{"rendered":"# Singapore\u2019s largest bank DBS sets up crypto exchange platform"},"content":{"rendered":"<p>&#8220;<strong># Singapore\u2019s largest bank DBS sets up crypto exchange platform <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTIvYzBkYWUyNWItZDAyYy00NWNhLTk5NzYtOWYwN2I1M2M0NWExLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>After anticipating its plans in October, DBS, Singapore\u2019s largest bank, is establishing a new cryptocurrency exchange division called DBS Digital Exchange.<\/p>\n<p>Announced on Thursday, the venture is also backed by SGX, Singapore\u2019s largest derivatives and asset exchange, which owns a 10% stake in the crypto platform.<\/p>\n<p>The crypto exchange will only be accessible to institutional and accredited investors, who will be able to trade Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP. <\/p>\n<p>In addition, DBS Digital Exchange will provide a platform for tokenizing assets such as shares in unlisted companies, bonds and private equity funds. It will be deeply integrated into the Asian banking system, allowing customers to deposit and buy cryptocurrencies with Singapore dollars, U.S. dollars, Hong Kong dollars and the Japanese yen. DBS will also offer a custodial service to store cryptocurrencies on behalf of clients.<\/p>\n<p>DBS Group CEO Piyush Gupta said, \u201cFor Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading.\u201d<\/p>\n<p>The collaboration with Singapore Exchange on this venture will help deepen the liquidity and scale of Singapore\u2019s digital asset markets. \u201cThere are significant opportunities to\u00a0bring trust and efficiency in price discovery to the global digital assets space,\u201d said Loh Boon Chye, CEO of SGX.<\/p>\n<p>Singapore is becoming an important hub for institutional cryptocurrency trading. Financial giants like SBI are also planning on launching a competing offering to DBS, while existing cryptocurrency platforms like OKCoin are setting up local subsidiaries.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/singapore-s-largest-bank-dbs-sets-up-crypto-exchange-platform\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Singapore\u2019s largest bank DBS sets up crypto exchange platform &#8221; After anticipating its plans in October, DBS, Singapore\u2019s largest bank, is establishing a new cryptocurrency exchange division called DBS Digital Exchange. Announced on Thursday, the venture is also backed by SGX, Singapore\u2019s largest derivatives and asset exchange, which owns a 10% stake in the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":130291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/c0dae25b-d02c-45ca-9976-9f07b53c45a1.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,77434,71939,117,5012],"class_list":["post-130290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-dbs-bank","tag-banks","tag-business","tag-singapore"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/130290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=130290"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/130290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/130291"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=130290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=130290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=130290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}