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DBS Launches Bank-Backed Crypto Trust Service in Asia First
The bank becomes the first in Asia to offer crypto trust services providing custody and trading.
Updated Sep 14, 2021, 12:55 p.m. Published May 14, 2021, 7:55 a.m.
Singapore-based DBS Private Bank launches Asia's first cryptocurrency trust service backed by a bank.
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- DBS is offering its clients the ability to invest and manage up to four assets through the bank’s wholly owned, licensed trust company DBS Trustee, according to a press release on Friday.
- The assets are bitcoin, ether, bitcoin cash and XRP hosted on the bank's digital asset exchange that launched late last year. The fiat trading pairs on the exchange are the Singapore dollar, Hong Kong dollar, U.S. dollar and Japanese yen.
- The move adds a layer of legitimacy to cryptocurrencies in the region and provides large players with a means to invest in digital assets they consider safe.
- The bank also offers tokenization of securities and other assets as well as providing bank-grade custody for digital assets.
- “In recent years, more clients have expressed interest or are already invested in digital assets and we expect this trend to accelerate as cryptocurrencies turn more mainstream,” said Joseph Poon, group head of DBS Private Bank.
See also: DBS, JPMorgan and Temasek to Create Blockchain-Based Payments Joint Venture
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