Singapore’s DBS Bank Reveals Plan to Launch Crypto Trading Platform October 28, 2020 October 28, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 28, 2020 by Kelly Cromley

Singapore’s DBS Bank Reveals Plan to Launch Crypto Trading Platform

The cryptocurrency markets remain bullish against the backdrop of a major news from DBS, the Singapore head-quartered retail and commercial bank, which has revealed its intention to roll out a cryptocurrency trading platform backing Bitcoin, XRP, Ethereum and Bitcoin Cash.

The crypto assets will be paired with the US dollar, Singapore dollar, Hong Kong dollar and Japanese yen.

After issuing a statement about the roll out, the bank removed the notice in a short period of time. The bank’s official spokesperson clarified that the venture awaits nod from regulators.

Furthermore, DBS has stated that it would permit enterprises to issue securities in the form of tokens. The bank also intends to run custodial business for the crypto assets and there is no clarity as to whether customers will be able to transfer their holdings to private wallets.

Su Zhu of Three Arrows Capital has stated that the step will immediately result in the creation of easiest method to purchase cryptocurrency in the island nation.

The cryptocurrency markets are surging, with Bitcoin (BTC) gaining 5.30% to $13,750. Ethereum has rallied 3.10% at $404.88, and XRP is up 1.30% at $0.2520.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.