The divide-and-sell lure to DBS’ digital exchange

The first bank to take a plunge in crypto waters, Singapore's banking leader DBS recently launched 'Digital Exchange', and SGX has already invested in it. The doors to the future have opened; who all can walk through?

DBS is the first bank to launch a Digital Exchange, allowing customers to trade in cryptocurrency and digital assets

These associated blockchain entities have come a long way since the 2017 initial coin bubble that popped with regulatory definition

The Digital Exchange caters to high net worth individuals, providing a variety of deals and more ways to trade assets

This is also a step in Singapore’s smart financial hub aspirations - and SGX has jumped at it

When a major bank like Singapore’s DBS decides to adopt blockchain technology, you know the tech is finally going mainstream.

In a first, DBS launched ‘DBS Digital Exchange’ in December 2020, where one can buy and sell cryptocurrency like Bitcoin, which has soared past US$40,000. DBS now has a digital asset exchange as well, which allows everything from companies to properties to be broken up for a larger pool for investors to get in on.

But DBS isn’t alone in this attempt to legitimise crypto assets. By 10 December, the Singapore Exchange (SGX) had already taken a 10% stake in DBS’ Digital Exchange.

AUTHOR

Benjamin Cher

Based in Singapore, Ben covers news and stories from the hub of Southeast Asia. He covers the intersection of technology and business, and how it affects Singapore and Southeast Asia. Ben was previously a reporter at The Edge Singapore.

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