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Singapore’s DBS is Exploring Crypto, Spokesperson Confirms

Singapore's DBS Is Exploring Crypto, Spokesperson Confirms

News of Singapore’s biggest bank, DBS, launching a cryptocurrency exchange, rocked the crypto space today. Following the announcement, a spokesperson for the bank confirmed to Altcoin Buzz that DBS was exploring unveiling a digital currency exchange. However, it was noted that this decision was still in progress as the bank has not yet obtained regulatory approval.

According to the spokesperson, “DBS’ plans to unveil a digital exchange are still work in process and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made.”

DBS

As earlier reported, DBS mistakenly revealed that a “DBS Digital Exchange” was being explored. This exchange would be backed by the Singapore-based commercial and retail bank and regulated by the Monetary Authority of Singapore.

The leaked information suggested that, once launched, the DBS crypto exchange would support fiat-to-crypto exchanges for Bitcoin, Ethereum, Bitcoin Cash, and XRP.

Also, the announcement noted that the DBS exchange, unlike traditional exchanges, would not hold any digital assets. However, all crypto assets would be held at DBS Bank, which would act as its custodial platform.

Reactions to the DBS digital exchange

The cryptocurrency space has welcomed the news of Singapore’s biggest bank joining the crypto industry.

Changpeng Zhao, founder and CEO of Binance, expressed his support and approval via a tweet. He said, “DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange. Not sure if the #BTC is transferrable yet, but regardless a step in the right direction.”

Su Zhu, co-founder, CEO, and CIO of Three Arrows Capital, also said, “DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange! This will immediately become the easiest on-ramp for those who bank in Singapore. BTC, BCH, ETH, XRP the listed crypto assets; SGD, HKD, JPY, USD the listed fiat.”

Similarly, Monty Metzger, CEO and founder of LCX (Liechtenstein Cryptoassets Exchange), disclosed his support for the initiative noting, “Would be great if they get it right!”

Ripple CEO Brad Garlinghouse noted, “UK’s FCA and Singapore’s MAS have been leaders for years in providing clarity on using/trading assets – no surprise that both countries have traditional FIs leaning into using this technology. DBS’ (pre)announcement today is a prime example.”

Kris Marszalek, Crypto.com CEO, similarly tweeted with excitement that “DBS, the largest bank in Singapore, launches a digital asset exchange.”

BTC price

It’s worth noting that a series of huge news have hit the crypto industry this week and has been linked to the reason the king of crypto has surged impressively in the last few days.

In addition to DBS exploring a digital currency exchange, payment giant PayPal also announced it is entering into the digital currency market. PayPal disclosed that its users will be able to buy and sell crypto via their PayPal accounts.

As of press time, according to Coingecko, Bitcoin was trading at $13,730.90, with a market cap of $254,408,201,636 and a 24-hour trading volume of $24,362,836,596.

For more current activities in the crypto space, check out the Altcoin Buzz YouTube channel.




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