Now an external website announces that the largest bank in Singapore plans to launch a “digital exchange” that supports cryptocurrency trading is the latest sign of the growing institutional adoption of virtual currencies.
A document briefly shown on the DBS website announced that the new exchange will support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC) and Ripple (XRP), in addition to fiat currencies. … Singapore, Japan, Hong Kong and USA. The announcement also talks about plans to support asset-backed security tokens.
In an interview with Cointelegraph, JST Capital co-founder Todd Morakis described the move as a potential catalyst for major banks and other financial firms in the Asia region to unveil crypto asset sector strategies over the “next three to six months.”
“You will see other banks come out and start saying what they plan to do with [the cryptocurrency]. It’s really getting popular.”
Morakis noted that the page indicates that the exchange will be regulated by the Singapore Monetary Authority (MAS). Although no details have been included about the type of license exchange requirements, Morakis said he believes the exchange will be the first regulated exchange for digital assets “in Southeast Asia”.
Morakis stressed that the DBS digital exchange will offer a strong fiat currency with an on / off option for a wider audience to reach the crypto sector, and expects the platform to be seen as a “direct link to DBS money management.”
“Now a large part of society has the potential to invest in this asset class, and this is attracting the banking community […] I think people who have not entered the cryptocurrency space will feel very comfortable trading on the DBS exchange.
The co-founder of JST also expects DBS’s digital exchange to expand beyond Singapore, saying, “If DBS supports, its customers will be everywhere.”
Described last month as one of the most significant institutional adopters in the digital assets sector, Morakis referred to Square’s recent $ 50 million investment in Bitcoin and PayPal, and announced plans to launch cryptocurrency trading services in 2021.