The Singapore DBS bank plans to start offering Bitcoin trading because it wants to capitalize on the growing demand for the number one cryptocurrency investment among the consumers as we are about to see in the latest BTC news.
The Singapore DBS bank, which is the largest banking corporation in the country, unveiled a flagship cryptocurrency trading service named DBS Digital Exchange in a “soft-launch.” It later removed the webpage from public view which left the BTC community guessing about the correct timeframe of the launch. Based on the available information on the original page, the platform intends to assist SMEs and big corporations in raising capital via the creation and the sale of digitized securities and assets. it will also bring trading services that will allow users to exchange fiat currencies for Bitcoin, Ether, XRP, and Bitcoin Cash:
Cat's out of the baghttps://t.co/cz473xsPFd pic.twitter.com/584o7PFGv6
— Fiat Minimalist (@fiatminimalist) October 27, 2020
“Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets. Instead, all digital assets are kept at DBS Bank, which is globally recognized for its custodial services.”
The informal revelation came a month after Taimur Baig, the DBS Bank Chief Economist recognized Bitcoin as the people’s chosen hedge against the dollar outflow:
“This thing has fixed circulation, it will not be debased. People worry about dollar outflow and wondering if they should hold crypto in addition to gold as a safe-haven currency.”
Last three months in Bitcoin:
-MicroStrategy buys $425m in Bitcoin
-Square buys $50m in Bitcoin
-Stone Ridge buys $110m in Bitcoin
-PayPal integrates crypto purchases
-JPMorgan writes about Bitcoin vs Gold competition
-DBS soft launches crypto exchangeWhat's next?
— Joseph Young (@iamjosephyoung) October 27, 2020
Bitcoin increased by more than 80 percent in 2020 and by more than 250 percent right after the Federal Reserve introduced unlimited bond-buying and almost zero interest policies in March 2020. The cryptocurrency received a further upside boost from the US government after the announced $2 trillion aid for the American People while fighting the coronavirus-induced lockdown. The US dollar eventually lost its value against leading foreign currencies and this likely pushed investors further into the safety of riskier and safe-haven assets like Bitcoin.
The billionaire Paul Tudor Jones, corporations like Microstrategy and Square as well as StoneRidge, invested large sums into the BTC sector to replace their cash reserves. PayPal which is the global payments giant announced its entry into the crypto sector. Each event led the BTC prices higher across the spot and derivatives markets. With DBS further hinting to take the crypto mainstream and with the plans of another stimulus money round, Bitcoin’s chances of adding more value to the market surged dramatically.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post