Another global bank believes that digital assets are the future of the global economy.
DBS, Singapore's largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings.
According to a description of the platform shared with Cointelegraph, DBS's upcoming crypto service - the DBS Digital Exchange - will support four major cryptocurrencies including Bitcoin, Ether, XRP, Bitcoin Cash and Ethereum Classic.
The list of supported fiat currencies includes the United States dollar, the Singapore dollar, the Hong Kong dollar, and the Japanese yen.
The DBS Digital Exchange will also allow small and medium-sized enterprises as well as large corporations to issue security tokens.
In the prospectus, DBS Bank said that digital assets are set to play a crucial role in the global economy.
As a company regulated by the Monetary Authority of Singapore, DBS noted that its upcoming crypto service will offer "Distinct advantages such as the assurance of institutional-grade security." The upcoming bank-backed exchange also aims to also provide robust measures to prevent fraudulent activities and maintain strict compliance with Anti-Money Laundering and Counter-Terrorist Financing regulations, according to the document.
Singapore's largest commercial bank reportedly launching crypto trading
gepubliceerd op Oct 27, 2020
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.