CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$50,341.00
  • ethereum
    ETH$1,726.28
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » The Bank That Called Bitcoin a Ponzi, Has Now Launched A Crypto Exchange For Institutional Investors

    The Bank That Called Bitcoin a Ponzi, Has Now Launched A Crypto Exchange For Institutional Investors

    Author: Jordan Lyanchev

    Last Updated Dec 10, 2020 @ 16:10

    Three years after calling bitcoin a Ponzi scheme, the largest Singaporean bank DBS Group has launched a crypto trading platform for institutions.

    A few months following the soft-launch of the DBS Digital Exchange, the Singaporean multinational banking and financial services corporation announced the release of its digital asset trading venue. In addition, the investment holding company Singapore Exchange has announced it will take a 10% stake in the platform.

    DBS Digital Assets Officially Announced

    CryptoPotato reported in late October that DBS Bank has successfully trialed its trading venue enabling institutional investors to access cryptocurrency assets. 

    Earlier today, the banking institution officially announced that it will leverage blockchain technology to “provide an ecosystem for fundraising through asset tokenization and secondary trading of digital assets, including cryptocurrencies.” DBS Digital Assets will have three main services:

    1. Security Token Offerings (STOs), allowing the issuance and trading of digital tokens backed by financial assets.
    2. A spot cryptocurrency exchange with four fiat currencies (SGD, USD, HKD, and JPY) and four of the “most established cryptocurrencies” – Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP).
    3. Digital Custody Services – “an institutional-grade digital custody solution to meet the increasing demand for secure custodial services tailored for digital assets under their prevailing regulatory standards.” The platform will leverage DBS’ experience for this particular service. 

    DBS Group CEO Piyush Gupta said that Singapore has become a major global financial hub and that the country has prepared to “welcome the mainstream adoption of digital assets and currency trading.”

    The announcement also informed that Singapore Exchange (SGX) will take a 10% stake in the venue. As a result, SGX and DBS will “explore the opportunities to deepen the liquidity, scale, and growth of Singapore’s capital markets in the growing area of digital assets and digital currencies.”

    A Massive Change Of Heart For Bitcoin?

    Despite being proactive and supportive of the cryptocurrency industry now, DBS Group has displayed serious negativism for bitcoin in the past. The bank’s former Chief Information Officer David Gledhill said in 2017 that “we see bitcoin as a bit of a Ponzi scheme.”

    He argued that all BTC transactions are “incredibly expensive” and “all the fees are hidden through the crypto-mechanisms.” Moreover, he added: “We don’t think DBS being in that game right now is going to create a competitive advantage for us.”

    Yet, it seems that it has taken about three years for the giant bank to completely change its mind on “that game” and develop its own crypto trading venue for institutional investors.

    It’s worth noting that this is far from being the first case where bitcoin has managed to change someone’s mind. Previous examples include MicroStrategy’s Michael Saylor and, more recently, the prominent traditional investor – Ray Dalio.

    Featured image courtesy of Bloomberg

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    Tags: Banks Bitcoin Ethereum Singapore
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$50,341.00
  • ethereum
    ETH$1,726.28
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!