Singapore Bank DBS Is The Latest To Join Hedera Governing Council

On Wednesday October 27th, DBS Bank, one of Singapore's leading financial institutions, joined the Hedera Governing Council. DBS is exploring blockchain use cases in banking. Blockchain is definitely changing the way traditional banking works, and DBS Bank knows this well. As part of the Hedera Council, DBS will explore possible use cases for the blockchain.

DBS Bank has already begun experimenting with the use of blockchain in trade finance, as well as international payments and settlements. As asset digitization picks up steam, DBS launched a blockchain-powered digital asset ecosystem in 2020. The banking giant also offers corporate clients and accredited investors an integrated suite of solutions across the entire cryptocurrency value chain.

A number of traditional banking players are looking to enter the booming crypto space. Some banks have already announced cryptocurrency storage solutions. Moreover, a recent statement from the FDIC chairman notes that US regulators are working to allow banks to process cryptoassets.

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