The largest bank from Singapore has made a promising announcement for its citizens and the crypto-community. DBS, the largest commercial and retail bank in Singapore has expressed its interest in the crypto-industry. The bank announced that it will be entering the cryptocurrency world and in the initial phase, it will be offering three different services.
According to a crypto-news reporting firm, the DBS bank will be offering cryptocurrency custody and trading of the cryptocurrency assets. On top of this, the bank will be using its crypto-platform for offering security tokens to its clients.
Initially, it was reported that DBS bank had displayed the description of the services it was going to offer under the crypto-flagship. However, the information was removed in a matter of a few minutes and the reason is yet to be provided by the bank.
The DBS bank has dubbed its crypto-related service as the DBS Digital Exchange. In the beginning, the DBS Digital Exchange will be offering its clients five major cryptocurrencies. The five major cryptocurrencies will be Bitcoin (BTC), Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), and Ether (ETH).
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Furthermore, the DBS Digital Exchange will also be offering some of the major fiat currencies. These currencies include the Singapore Dollar, United States Dollar, Japanese Yen, and the Hong Kong Dollar.
The DBS Digital Exchange also announced that it will not be holding any assets of its clients. The exchange confirmed that all of the client related assets will be kept at the DBS Bank. This has been decided to keep in mind the DBS bank’s custodial services reputation that it currently has around the globe. This will ensure that the clients investing through the exchange will have zero doubts about losing their assets.
As per the DBS Digital Exchange, the services and facilities will not be limited just to the corporate clients. Even the small-sized as well as medium-sized enterprises will be able to issue security tokens.
The DBS Bank announced that the DBS Digital Exchange will operate as a fully compliant crypto-entity. The exchange’s aim will be to fully adhere to the KYC and the AML policies to ensure it does not end up providing safe haven to terrorists or money launderers.