Singapore-based banking heavyweight DBS is reportedly rolling out a new crypto-focused exchange platform division, dubbed DBS Digital Exchange.

Specifically, the venture will reportedly also receive the support of SGX – the biggest local derivatives and asset exchange, which has possession of a 10% stake in the crypto platform.

Access to the crypto exchange is reportedly limited to institutional and accredited investors exclusively at the moment, where trading activities for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP are facilitated. 

Furthermore, DBS Digital Exchange will offer a platform dedicated to asset tokenization, nominally shares in unlisted firms, bonds and private equity funds. It will have a deep integration with the banking network in the continent, allowing U.S. dollars, Japanese yen, Hong Kong dollars, Sing dollar-based crypto depositing and purchasing. 

DBS will reportedly also make a custodial service available for crypto coins storing, on behalf of its customers. 

“For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading.” Head of DBS Group, Piyush Gupta, reportedly remarked. 

The alliance formed with Singapore Exchange on this venture will reportedly assist in strengthening the liquidity and scale of Singapore’s crypto asset markets. 

“There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space,” Loh Boon Chye, Head of SGX, reportedly remarked.