DBS, the largest bank in Southeast Asia by assets, announced and then removed the announcement to launch a fiat-to-crypto currency exchange for Bitcoin, Ethereum and XRP.
The deleted announcement revealed that behind the "DBS Digital Exchange" are a commercial and retail bank based in Singapore and the Monetary Authority of Singapore.
According to the now-deleted announcement, there will be no cryptocurrency on the stock exchange:
“Unlike most digital exchanges today, DBS Digital Exchange does not own any digital assets. Instead, all digital assets are kept in DBS Bank, which is globally recognized for its custody services. "
The bank has implemented an institutional custody solution, DBS Digital Custody, to protect customers ’assets, the announcement said.
DBS Digital Exchange also plans to support security tokens (which are “listed cryptographic tokens backed by real assets such as stocks, physical properties, fixed income instruments, and even fine art”) in the future.
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