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Unconfirmed: XRP, Bitcoin (BTC), Ethereum May Be Available in Largest Singapore Bank DBS

Largest Singapore bank may have leaked the announcement of crypto-to-fiat trading launch

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Cover image via stock.adobe.com

DBS, a top-level Singapore banking ecosystem for corporate and investment clients, is said to offer crypto-to-fiat exchange. The crypto behemoths are allegedly available against the world's most recognized fiat currencies.

Store and trade BTC, ETH, XRP, BCH with premium digital bank

Prominent investor Su Zhu, CEO and CIO of Three Arrows Capital investment firm, reported that today, Oct. 27, the flagship commercial and retail banking entity in Singapore, DBS Bank, is offering cryptocurrency exchange services.

Su Zhu: DBS quietly  started to offer crypto services
Image via Twitter

According to an announcement shared on Twitter by Mr. Zhu, four massively adopted digital currencies are available on the DBS Digital Exchange: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and XRP.

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They are listed in trading pairs with the Singapore Dollar (SGD), Hong Kong Dollar (HKD), Japanese Yen (JPY) and U.S. Dollar (USD). It has been announced that Ethereum Classic (ETC) is listed against the Japanese Yen, but eagle-eyed enthusiasts from Crypto Twitter suspect a typo here.

Meanwhile, at press time, this announcement has been taken down from the DBS Digital Exchange page. It remains available through Google Web Cache. CryptoComes is tracking the situation with the release in question.

Another PayPal?

A mysterious disappearing announcement by DBS clarifies that crypto-to-fiat exchange services are unavailable for retail customers. This instrument is designed for sophisticated market professionals only:

DBS Digital Exchange only accepts financial institutions and professional market makers as members.

Expanding its exposure to the digital assets market, the crypto-focused arm of DBS teases a launch of Security Tokens trading. A Native Security Token Offering solution for a wide range of real-world assets is also in development.

The Twitter audience is left guessing about whether this service really interacts with corresponding blockchains. Mostly, critics are sure that DBS will offer only IOUs with the prices pegged to Bitcoin (BTC) or Ethereum (ETH).

Recently, the PayPal solution to add Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) caused a stir in the market and pushed Bitcoin (BTC) prices to multi-month highs over $13,300.

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Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)