A bank in Singapore is the first bank in Asia to launch a digital currency services scheme
Singapore-based private financial services and banking company DBS Bank has launched the first bank-backed digital currency services project in Asia. The scheme allows customers to invest, hold and manage their digital assets through the bank's subsidiary, DBS Trustee.
The launched services only include Bitcoin, Atrium, Bitcoin Cache and Ripple cryptocurrencies. The cryptocurrencies are listed in the digital exchange of Debussy, another subsidiary of the bank. The bank's exchange office provides trading services for these digital assets.
In April, Debussy Bank reported that it has more than $ 60 million worth of digital currency assets, and the bank's digital trading division has grown exponentially by more than 10 times its daily trading volume since its inception.
Debussy Digital Trading Services also includes spot trading and can be traded through currency pairs. Fiat assets used are SGD, USD, HKD and JPY.
According to the bank, complex details are being worked out at the exchange to prevent stakeholders from encountering any complications while trading digital currencies.
In this exchange, access information to important codes, passwords, wallet information, transactions and wallet backups remain confidential after the death of users.