Dec 11, 2020
Singapore’s DBS Bank, the largest bank in Southeast Asia, will launch a crypto trading platform. The platform will support Bitcoin (BTC), Ethereum (ETH), XRP, and Bitcoin Cash (BCH).
On Thursday, one of Singapore’s largest banks, DBS Bank, announced it will officially open the fiat-to-crypto exchange. Due to the stagnation in bitcoin prices, the cryptocurrency market had been very inactive for a while. The current news brought enthusiasm to the crypto community.
The launch, which was previously postponed by DBS due to a KYC and AML compliance check, has finally happened. Only institutional and sophisticated investors will be able to access the new platform called “DBS Digital Exchange.” Investors will be able to trade BTC, ETH, BCH, and XRP for fiat money. Besides, Singapore’s national stock exchange announced that SGX will acquire a 10% stake in the new platform.
According to CEO Piyush Gupta, “Digital Exchange” represents the first in the world in many ways. It will be the first cryptocurrency platform backed by a traditional commercial and retail bank. More importantly, DBS Bank will also offer a service to store cryptocurrencies on behalf of customers.
Singapore is becoming a major hub for institutional cryptocurrency exchange. The platform, which will start trading next week, will serve between 09:00 and 16:00 from Monday to Friday. DBS Digital Exchange will allow trading in four fiat currencies. These include the Singapore Dollar, the US Dollar, the Hong Kong Dollar, and the Japanese Yen.
DBS Bank announced the news that it will launch a crypto trading platform. However, the situation in the cryptocurrency market has not been so bright in recent weeks. Bitcoin, the leading cryptocurrency, experienced a significant drop yesterday after traded between $ 19,000 and $ 20,000. BTC dropped from $ 19,300 to $ 18,000. It then fell to $ 17,738, hitting the lowest price in December.
From a technical point of view, BTC’s most important support levels are at $ 18,000, $ 17,560, and $ 17,250. Alternatively, the digital asset must cross the $ 18,500 and $ 18,700 resistance levels before challenging the $ 19,000 once again. Altcoins suffer more when high volatility enters the crypto money market. The same thing happened again. In the last 24 hours, Ethereum has lost 3.39%, and XRP has lost around 2.75%.
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