decrypt.co
DBS, the largest bank in Southeast Asia by way of assets, has published—and then removed— an announcement that it’s launching a fiat-to-cryptocurrency exchange for Bitcoin, Ethereum and XRP.
The hastily-deleted announcement revealed that “DBS Digital Exchange” is backed by the Singapore-based commercial and retail bank, and by the Monetary Authority of Singapore.
Cat's out of the baghttps://t.co/cz473xsPFd pic.twitter.com/584o7PFGv6
— Fiat Minimalist (@fiatminimalist) October 27, 2020
According to the now-deleted announcement, the exchange will not hold any cryptocurrencies:
“Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognised for its custodial services.”
The bank has deployed an institutional-grade custody solution, DBS Digital Custody, to safeguard customer assets, said the announcement.
DBS Digital Exchange also plans to support security tokens (which are “listed cryptographic tokens backed by real assets such as equities, physical properties, fixed income instruments, and even fine art”) in the future.
This is a breaking story and will be updated as news comes in.