The DBS Bank of Singapore, a leading financial services group that operates across 18 markets, will soon begin to offer cryptocurrency services.
According to DBS announcement with the launch, corporate investors and authorized shareholders will be eligible to key into an entirely integrated tokenization, among others.
In addition, digital trade will enable the top financial services organization to have an edge over blockchain technology.
The CEO of DBS, Piyush Gupta, stated that the digital exchange will give enormous chances to transform capital markets and in addition, embracing currency commercialization will make Singapore evolve to be extra ambitious as a universal financial center.
Features of the digital exchange
The functions DBS will deliver include digital currency trade, where there will be crypto trading which will promote spot exchanges from fiat currencies to cryptocurrencies and vice versa.
Security token offerings is for the allotment and commercialization of digital tokens supported by financial assets. Gupta pointed out that customers can tokenize anything, but for the meantime, they are focusing on financial assets alone.
Digital custody services is formulated to fulfill the rising need for safe custodial services arranged for digital assets in their established regulatory standards. Singapore Exchange (SGX) will, however, have a certain percentage of interest in the DBS Digital Exchange.
Loh Boon Chye, CEO of SGX said they are thrilled to employ their strong point for the good of the collaboration.
Furthermore, he explained that SGX anticipates operating very close to the DBS to better Singapore’s status as a multi-asset worldwide financial seat.
DBS, Spain’s BBVA to offer crypto services
Meanwhile, DBS is currently not the only major financial institution exploring digital currency as Spain’s second-largest bank BBVA (Banco Bilbao Vizcaya Argentaria) has disclosed plans to unveil a crypto trading platform.
According to the report, the Spanish bank will offer its crypto services out of Switzerland and begin with Bitcoin before extending offers to other cryptocurrencies.
The bank which was established in 1857 and currently has over 727 billion euros in total assets noted it “has begun to roll out the trials of what will become its first commercial service for the trading and custody of digital assets.”
Alicia Pertusa, BBVA’s Head of Client Solutions Strategy in a statement noted that the bank was exploring digital assets due to the massive transformation capabilities it possesses.
“Financial institutions, in collaboration with supervisors, can play a relevant role in the integration of digital assets in current markets and infrastructures.”
International financial institutions investing in Bitcoin
Similarly, many international financial firms have been embracing Bitcoin. Top on the list is Italian private bank, Banca Generali, which recently purchased $14 million stakes in Bitcoin wallet provider Conio.
In addition to investing the bank which is focused on private banking and wealth management for influential and wealthy individuals announced plans to unveil a crypto platform in 2021.
Addressing this new move, Banca Generali CEO Gian Maria Mossa, said it’s a decision taken with the hope of enhancing the bank’s growth.
Also, MassMutual a Massachusetts-based life insurance firm has also acquired $100 million worth of Bitcoin. This according to the insurance company was to diversify and embrace new opportunities digital currency offers.
“It is based on a broad strategy to take advantage of new opportunities while remaining diversified, giving us measured yet meaningful exposure to a growing economic aspect of our increasingly digital world,” MassMutual said.
Additionally several global financial authorities has also indicated interest in digital currency.
The G20 and 19 European Union countries central bank governors in a report recently disclosed ongoing plans with the International Monetary Fund (IMF), Bank for International Settlements (BIS) as well as World Bank to establish central bank digital currencies (CBDC) in Europe financial systems.
Notably, Bitcoin has been on a remarkable, bullish run. As of press time, according to Coingecko, the top crypto was trading at $22,939.08, with a market cap of $429,600,471,176 and a 24-hour trading volume of $56,938,462,366.