Copy link
Increase text size
Decrease text size
Link copied

DBS might be planning to launch a cryptocurrency exchange

The Development Bank of Singapore reportedly posted an online announcement about its own cryptocurrency exchange which was later taken down for unknown reasons.

Image by Jason Goh from Pixabay

Wed, 28 Oct 2020, 10:40 am UTC

Cryptocurrency has finally earned the acknowledgment of mainstream finance with a number of Wall Street banks already offering crypto custodial services to their clients. If reports are correct, On the other hand, Singapore’s largest lender is taking things a step even further by revealing plans of putting up its own crypto exchange.

The Development Bank of Singapore (DBS) published an announcement online that it is launching a cryptocurrency exchange, reported. For unknown reasons, however, the bank decided to later remove the page containing the announcement.

A few netizens still managed to catch the announcement before DBS decided to delete it. “Cat's out of the bag,” a Twitter user named Fiat Minimalist, one of those who read the announcement, posted on the social media network.

“This has been in the works for 2 years,” Fiat Minimalist added. “All banks will have to follow suit. Imagine being bearish [toward] BTC.”

The bank’s announcement was also caught in the web’s cache and is now hosted on If the uploaded data is correct, the new entity will be named DBS Digital Exchange and will initially support four of the most popular cryptocurrencies.

“DBS Digital Exchange offers trading services from fiat currencies to four of the top digital currencies in circulation – Bitcoin, Bitcoin Cash, Ether, and XRP,” the announcement stated. It also pointed out that the exchange will be regulated by the Monetary Authority of Singapore.

The exchange will also provide security token offerings in the future. “Companies searching for a regulated option to raise private capital from qualified investors can now tap on DBS Digital Exchange to securitise real assets into tradeable digital tokens,” the bank wrote. “The STO offering will be announced and introduced in due course.”

While the exchange will offer cryptocurrency custodial services, the actual crypto assets will be in the hands of its parent bank. “Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets,” the announcement reads. “Instead, all digital assets are kept at DBS Bank, which is globally recognised for its custodial services. To keep customers’ digital assets safe, DBS Bank has deployed DBS Digital Custody, an institutional-grade custody solution specially tailored for safekeeping digital assets.”

It is yet unclear why DBS decided to delete the announcement. DBS is one of the largest banks in Southeast Asia with more than $600 billion in assets under management.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.11.08 09:17:47
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
  • obodubumonday12
  • 2020.10.30 12:15:37
Hello every one my I want to use this medium to appreciate Dr obodubu monday a great spell caster for helping me retrieving back my relationship with my ex lover when he ended and turned back on me for quite a long time now (6 months ago) He performed a spell for me and within 48 hours after the spell had been cast I receive a text from my ex saying that he is sorry for the pains and tears that he had caused me and that he will not do such thing to me again in his life. I was surprised but later accepted him back again. Anyone that is in the same line of problem or different one that want to contact a spell caster should happily contact Dr obodubu monday now on this email address:[email protected] or you can contact him through his whatsapp line +2349058774809
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $18,780.20 (+2.37%)
  • Ethereum (ETH) $583.10 (-4.66%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $335.76 (+0.45%)
  • Chainlink (LINK) $15.12 (-2.50%)
  • Bitcoin (BTC) $18,780.20 (+2.37%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.