The mainstream adoption of digital assets and their underlying tech has probably been the main target that the crypto space has.
There have been a lot of movements in this direction, and they seem to continue.
It’s been just revealed that something of great importance just happened in Singapore.
Largest Singapore bank confirms plans to launch crypto exchange
According to the latest reports coming from the Daily Hodl, the largest bank in Singapore has confirmed it plans to launch a crypto exchange featuring four digital assets.
DBS Bank will reportedly allow institutional and accredited investors to trade Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH).
It’s been also revealed that the platform has received the go-ahead from the Monetary Authority of Singapore.
DBS CEO Piyush Gupta said that the bridging of crypto assets and the banking system is a big boost for Singapore – this is currently ranked as the fifth-largest financial centre in the world.
“The exponential pace of asset digitalization provides immense opportunities to reshape capital markets. For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading,” according to the notes.
He also said that the “DBS is committed to accelerating the development of a fully integrated ecosystem to facilitate this. We believe that this is the first of its kind integrated offering, which is differentiated in many ways.”
According to the official reports, it seems that the exchange will also offer exchange crypto services between four fiat currency pairs – the Singapore dollar, US dollar, Hong Kong dollar and Japanese yen.
This is definitely really important news for the mass crypto adoption in Singapore.
Other than this, the crypto market is recovering following the recent drop in price that BTC witnesses.