2 November 2024
Singapore based DBS Private Bank Launches Asia’s First Crypto Trust Services
Singapore-based DBS Private Bank launches Asia’s first Cryptocurrency Trust Service backed by a Bank.
The trust services are built on DBS Digital Exchange, offering cryptocurrency services to private banking clients for asset management, including for Ethereum, Bitcoin cash and XRP in addition to Bitcoin. DBS Exchange was launched in December to offer fully integrated cryptocurrency services.
The DBS Digital Exchange is owned 10% by the Singapore SGX stock exchange and provides bank-grade custody for digital assets and the tokenization of securities and other assets. Its tokenization of security offering also comprises a regulated platform for the issuance and trading of digital tokens backed by financial assets, including shares in unlisted companies, bonds, and private equity funds. The fiat trading pairs on the exchange are the Singapore dollar, Hong Kong dollar, U.S. dollar and Japanese yen.
According to the official statement by the bank, this new service will allow its customers to hold Bitcoin with complete confidence about its custody and management. The fiat trading pairs on the exchange are the Singapore dollar, Hong Kong dollar, U.S. dollar and Japanese yen.
Joseph Poon, group head of DBS Private Bank, in a statement, said that “Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries,” Bloomberg reports.
Bloomberg also reported that DBS’s digital exchange currently has 120 clients. The firm holds $60 million in assets under custody, with trading volumes up 10-fold to S$30 million to S$40 million.”
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