An already deleted website where Singapore’s largest bank announced it will launch “Digital Exchange” to support crypto asset trading This is the latest sign of the increasing institutional adoption of virtual currencies.
The document that appeared briefly on the DBS website announced this The new exchange will support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC) and Ripple (XRP) as well as the fiat currencies of Singapore, Japan, Hong Kong and the USA.. The announcement also outlined plans to support asset-backed security tokens.
In an interview with Cointelegraph, the co-founder of JST Capital, Todd Morakis described the move as a likely catalyst for other major banks and financial firms in Asia to reveal their strategies for the crypto sector in “the next three to six months.”
“You will see other banks come out and say what they are up to [las criptomonedas] it really is that they are massively adopted. “
Morakis noticed that The page stated that the exchanges are regulated by the Monetary Authority of Singapore (MAS).. Although it didn’t include details about the type of license the exchange is seeking, Morakis said he believed so The stock exchange would be the first digital good “in Southeast Asia to be regulated”.
Morakis emphasized that DBS ‘digital exchange provides a reliable entry and exit ramp for a wider audience to access the cryptocurrency sectorand predicts that the platform will be viewed as a “direct link to DBS wealth management”.
“It is now a ramp for more members of the community to have access to investments in this asset class, and it brings the banking community […] I think people who haven’t entered the crypto room will be very comfortable trading on the DBS exchange. “
The JST co-founder also hopes that DBS digital exchanges will extend beyond Singapore. “For DBS to support it, it’s customers who are everywhere.”
Morakis named last month one of the most significant for institutional rollouts in the digital asset spaceThis references Square’s recent $ 50 million investment in Bitcoin and PayPal, which announces plans to launch cryptocurrency trading services in 2021.
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