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DBS, the largest bank chain in Singapore launched its virtual currency exchange featuring Bitcoin, Ether, XRP, and Bitcoin Cash.
DBS Digital Exchange becomes the world's first cryptocurrency exchange backed by a traditional bank. This cryptocurrency exchange is open to elite retail investors as well as institutional investors.
There is an ongoing fest named Singapore Fintech festival and this announcement is made at the right time to make people believe that cryptocurrency is a "legitimate investment".
DBS expects its exchange to go live in the upcoming week. People can trade the above-listed cryptocurrencies against four fiat currencies: the Singapore dollar, the Japanese yen, the US dollar, and the Hing Kong dollar. The trading hours are informed as 9.00 AM to 4.00 PM, Monday to Friday, resembling the typical stock market trends.
Singapore's central bank has already approved this bank's idea of cryptocurrency exchange. DBS has also been endorsed by the Monetary Authority of Singapore, for the exchange to operate organized markets for bonds, shares, and private equity funds.
The 10% share of the setup is held by Singapore Exchange (SGX).
So, in the upcoming week, DBS will allow people to trade cryptocurrencies. In addition to this, DBS has also strategized the offering of security tokens. Security tokens are nothing but a type of cryptocurrency that is pegged to real-time assets like real estate or corporate stocks. This means DBS gives the firms either small-sized or multinational, an opportunity to digitize their financial assets.