The Largest Bank in Singapore Reportedly Plans to Launch BTC Trading Platform
On Oct 27, 2020
Bitcoin (BTC) gets acceptance by the world. Allegedly, the DBS Bank of Singapore is one of the next destinations to launch BTC trading.
The largest retail and commercial bank of Singapore, DBS Bank, plans to launch some new offerings related to cryptocurrency. Those new offerings encompass the digital currency exchange, digital asset custody, security token offerings. Each has importance in the cryptocurrency world. DBS Bank added a page that explained all the procedures there, but they removed the page after some time. According to the site, there will be various exchange options, BTC/SGD, BTC/HKD, BTC/USD, and the same for the Bitcoin cash, ETH/SGD, XRP/SGD, XRP/HKD, and also security tokens. From the information, we can see that they will offer changes for fiat currencies, such as Singapore Dollar, Honk Kong Dollar. If they launch this project, it will build a bridge between people and the crypto world.
How Will Increase in Retail Vendors Affect the Price of Cryptocurrencies?
We notice various news articles about the central bank or private and public banks that they will include cryptocurrency in their offerings. These are the significant steps forward to adopt cryptocurrencies. In recent days, PayPal announced the adding Bitcoin and other major cryptocurrencies into its platform. These actions will result in involving many people even who do not interest in cryptocurrencies. Demand for cryptocurrencies will increase. This process will affect the price of the cryptocurrencies positively. Bitcoin recently displays a bull run, increase from $10500 on 7 October to $13400 on 27 October. This price increase will continue as the new retail and commercial activities increase. It is the best time to invest in cryptocurrencies because the expected price hike will make it valuable in the future.