By Ourbitcoinnews.com | Miu Lin
6 May, 2021
Singapore’s largest commercial bank, DBS Bank’s crypto asset (virtual currency) exchange, “DBS Digital Exchange” announced the results of its performance, and it turned out that it made a good start.
DBS Group CEO Piyush Gupta explained the results of the first quarter financial results of the DBS Digital Exchange, which was launched in December last year, at a debriefing session for the media. The exchange’s assets under management are now $ 80 million (about 8.75 billion yen), and the daily trading volume is said to have grown 10 times from the beginning, ranging from $ 30 million to $ 40 million (about 3.28-4.37 billion yen). ..
The DBS Digital Exchange is limited to institutional and accredited investors, but currently has 120 clients and is expected to reach hundreds more.
Features of DBS Digital Exchange
DBS Digital Exchange has 4 major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), Bitcoin Cash (BCH) and 4 legal currencies including Japanese Yen (Singapore Dollar, Providing trading services corresponding to (US dollar, Hong Kong dollar). It also provides a custody service for storing and managing assets.
In addition, companies will be able to digitize securities and assets and raise funds using the security token platform that will be rolled out in the future. Therefore, it is thought that an ecosystem that integrates asset tokenization, transactions, and custody will be realized.
Establishing a new blockchain company
As another new business, Mr. Gupta introduced the business contents of a new technology company jointly established with JP Morgan, a major US investment bank, and Singapore’s sovereign wealth fund “Temasek”. He said he would build a platform to provide new international payments using blockchain technology.
“We will start with settlement between Singapore dollars and US dollars and aim for an open platform,” he said. He said he is actively discussing with many banks to bring the euro, pound sterling, yuan and more into the system.
The co-founded company “Partior” is mainly targeted at financial institutions such as banks, but DBS Bank’s customer service content will be further enhanced by building a new payment infrastructure, Gupta explained. In addition to remittances, DVP settlement of securities, simultaneous multi-currency settlement (PVP), asset market and securities market can be reconstructed with a new platform and provided to customers.
In addition, Gupta said that by licensing the developed technology to a third party, it would be possible to secure a new source of income.
Strong performance
Gupta seems to appreciate the potential of new businesses such as the DBS Digital Exchange and Partior as “improving the position of the DBS Group in the new economy” by building digital infrastructure.
DBS Bank is also the largest bank in Southeast Asia.
DBS Group Chief Financial Officer Chng Sok Hui reported that first-quarter net profit exceeded $ 2 billion for the first time since its inception. It said it achieved record results, doubling quarter-on-quarter and 72% year-on-year.
The DBS Digital Exchange is limited to institutional and accredited investors, but currently has 120 clients and is expected to reach hundreds more.
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