coinputin.com – Southeast Asia’s largest bank, DBS, has announced it will launch a cryptocurrency platform. The planned cryptocurrency platform will offer Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH). The news was interpreted by many as a victory for the emerging cryptocurrency market.
The platform, called DBS Digital Exchange, will be the world’s first cryptocurrency platform backed by a traditional bank, CEO Piyush Gupta has announced. The platform, which is expected to open next week, will run from 09:00 to 16:00 Monday to Friday.
The Platform will allow trading with four fiat currencies. These are the Singapore Dollar, the US dollar, the Hong Kong dollar and the Japanese yen. In addition to cryptocurrencies, it will also offer tokenized IPO (STO) and digital storage services.
Gupta emphasized the importance of tokenized IPOs that the platform will offer:
“Current cryptocurrency exchanges tend to lack the ability to perform such activities that come with being part of a banking group.”
According to reports, the process of ensuring DBS met regulatory KYC and AML standards delayed the stock market’s start-up. However, DBS received approval in principle from the Monetary Authority of Singapore, the Central Bank of Singapore, allowing the exchange to operate organized markets for assets such as shares, bonds and private equity funds.
In addition, Singapore’s National Stock Exchange, SGX, will take a 10% stake in the new platform. Loh Boon Chye of SGX said::
“We are excited to apply our strengths in Sunday infrastructure and risk management to this initiative. There are significant opportunities to bring confidence and efficiency in price discovery into the global digital assets space. We look forward to keeping in close contact with DBS to further Singapore’s position as a multi-asset international financial centre.”