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Singapore's DBS to launch digital exchange as virtual currency demand soars

The DBS Digital Exchange will use blockchain technology to provide a platform for fundraising through asset tokenisation and secondary trading of digital assets

Topics
Singapore | DBS Bank | cryptocurrency

Reuters  |  Hong Kong 



Only Lakshmi Vilas Bank's deposits will appear on the books of the India unit of DBS Group Holdings Ltd., Singapore’s biggest bank
File Photo: DBS Bank's logo is pictured on an office building

DBS Group Holdings, Southeast Asia's biggest bank, is to set up an exchange for digital assets, including cryptocurrencies, that will provide tokenisation, trading and custody services to institutional and accredited investors.

The DBS Digital Exchange will use blockchain technology to provide a platform for fundraising through asset tokenisation and secondary trading of digital assets, the bank said in a statement on Thursday.

The tokenisation process represents converting rights to an securities asset into a unique digital form, which then becomes eligible for trading.

The bank said Exchange will take a 10% stake in the digital exchange.

The move comes as institutional investors pumped $429 million into funds and products for the week ended Dec. 7, the second highest on record, based on Monday's data from digital asset manager CoinShares.

The investments pushed the sector's assets under management to an all-time peak of $15 billion, the Coinshares report said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Thu, December 10 2020. 16:15 IST

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