DBS, Singapore’s largest retail and commercial bank, looks set to enter the cryptocurrency market with three new offerings.
According to information obtained by Cointelegraph, DBS launches cryptocurrency trading and storage, as well as a platform to offer security tokens. A description of the show and its ingredients appeared briefly on the DBS website, and was removed a few minutes later.
The upcoming DBS crypto service – DBS Digital Exchange – will support five major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC).
Supported fiat currencies include US Dollars, Singapore Dollars, Hong Kong Dollars and Japanese Yen.
DBS Digital Exchange has no assets, instead “all digital assets are held in DBS Bank, known worldwide as custodian services.”
DBS will also allow small and medium-sized businesses, as well as large companies, to issue security tokens.
As a company regulated by the Monetary Authority of Singapore, DBS indicated that the upcoming crypto service will offer “clear benefits such as enterprise-class security.” The forthcoming bank-backed stock exchange also aims to provide robust measures to prevent fraudulent activities and maintain strict compliance with anti-money laundering and terrorist financing regulations, according to the document.
While details of the exchange surfaced earlier today, a spokesman for DBS told Cointelegraph that the platform is still under development:
DBS plans for digital exchange [a] are still ongoing and have not been approved by the authorities. There will be no more announcements until the time for approval is received. “