DBS Bank of Singapore on Thursday officially announced the launch of its digital assets exchange, which includes a cryptocurrency trading platform that will launch from next week.
The move comes as institutional investors pumped $429 million into cryptocurrency funds and products for the week ended Dec. 7
How it works?
The DBS Digital Exchange will use blockchain technology to provide a platform for fundraising through asset tokenisation and secondary trading of digital assets.
The tokenisation process represents converting rights to an securities asset into a unique digital form, which then becomes eligible for trading.
Exchange Mechanism
The new exchange will facilitate spot exchanges from fiat currencies to cryptocurrencies.
The platform will facilitate trading between four fiat currencies – the Singapore dollar, US dollar, Hong Kong dollar and Japanese yen – and four established cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and XRP.
Selected Traders
The DBS exchange will only be open to institutional clients and accredited investors.
Exchange holding
The DBS Digital Exchange will operate as a subsidiary of the banking group, with DBS holding a 90 per cent stake and the Singapore Exchange holding the remaining 10 per cent.
CEO commented
“We are ready to begin crypto trading as early as next week.”
“Security token offerings may take a month or two to get started – but in summary we are ready to go.”
“You can tokenize anything, you can tokenize a painting. But for now, we will be concentrating on financial assets.”
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