A recent news item suggested that DBS Group Holdings Ltd. had intended to establish a cryptocurrency exchange. The objective of establishing this crypto exchange is to facilitate wealthy and rich individual clients and organizations. It had been suggested further that in the pursuit of DBS’s objective, fundraising drive will be set in motion. The campaign was told to be carried out by one of the biggest comermcial banks of Southeast Asia.
The services intended to be rendered by the proposed exchange would include crypto custodian and management services and asset tokenization. Bitcoin trading and alike, shall be offered optionally to the interested clients and firms. However, for the time being, the primary services only include crypto-asset handling and tokenization.
It was further told that Singapore Exchange Limited had been investing in the proposed exchange under a partnership with DBS. Its share in the proposed exchange had been 10% as reflected in its 2019-20 financial statements.
The approvals from the Central Bank as well as from Singapore’s Monetary Authority had been duly obtained by DBS. The exchange had been approved to offer trade services in bonds, equity funds, shares, and assets on the basis of shares. With approvals in place, DBS joined the group of those commercial banks which had earlier stepped into the digital currency business.
This year, what remained top-notch for the crypto industry was the investment coming in from institutions as well as individuals. More importantly, the investment brought in considerably reduced the digital currency selling pressure from the market. Both these factors directly allowed the crypto industry to flourish and gain more values. Resultantly, mass-scale crypto adoption seen in the past six months had never been seen before, and so is the investment.
But the overall fear which had been threatening crypto industry was the events of scams and frauds. The complaints and events of scams witnessed in 2020 were the ever highest in crypto industry. Bitcoin, remained top target for scammers while crypto exchanges such as KuCoin and Eterbasewere subjected to mega crypto scams.
Piyush Gupta who is the CEO of DBS Bank told that time has come for banks to step forward and embrace digital currency. He said that it is important that crypto industry receives the due support from financial institutions for promoting partnership/sponsorship.