October 27, 2020 — DBS, the largest bank in Singapore, is launching a fiat-to-cryptocurrency exchange, according to reports on social media. The story was broken by one Twitter user who posted a link to the DBS digital exchange website.
The page has since been removed, but the cached version features the headline “the future of capital markets,” under which it reads, “Digital assets are poised to be the future of tomorrow’s digital economy. With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.”
According to the page, the exchange will offer trading services from fiat currencies to four of the top digital currencies in circulation – Bitcoin, Bitcoin Cash, Ethereum, and XRP. The new service is also set to conduct security token offerings in “due course,” but will only be accepting “financial institutions and professional market makers as members.”
Such a development was quickly noticed, especially by some big industry players. Kris Marszalek, the CEO of Crypto.com, reposted the DBS exchange page, and the founder of Binance, Changpeng Zhao, also weighed in:
DBS, the largest retail and commercial bank in Singapore, has soft launched their crypto/fiat trading exchange.
— CZ Binance (@cz_binance) October 27, 2020
As unofficial as this launch appears to be, if the new service does come to fruition, DBS will be one of the first major banks to offer support for Bitcoin and capitalize on the growing demand for cryptocurrency investments among consumers.
However, unlike other crypto exchanges, the DBS digital exchange will conform to regular business hours. According to its site, the exchange will be closed on weekends and holidays, as well as limiting trading hours from 9 am to 4 pm, similar to traditional stock exchanges.