LONDON (Bywire News) - CoinDesk is reporting that DBS is planning a digital asset exchange. The site says that a cached web page posted briefly before being taken down suggested the DBS Digital Exchange will offer access to an ‘integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.’
The exchange will offer four top cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, and XRP for exchange against the US, Singapore and Hong Kong Dollars as well as the Japanese Yen.
The bank confirmed the plans to CoinDesk but said the project is still a work in progress and has not yet received regulatory approval. Until it does, the bank said it will make no further announcements on the subject.
However, what we do know so far is that the exchange plans to offer tokenisation services giving businesses the chance to raise funds by offering digital forms of securities and assets. These will not be held by the exchange but by a dedicated institutional-grade custodian set up by DBS named the DBS Digital Custody.
The exchange will be regulated by the Monetary Authority of Singapore, the de facto central bank of the city-state.
(Written by Tom Cropper, Edited by Klaudia Fior)