Singapore Exchange has announced that it will be buying whopping 10 percent stake in DBS Digital Exchange. For those who do not know about Singapore Exchange, it is the main equities and derivatives exchange in Singapore.
Some say this is a welcome move as Singapore Exchange needed to try something different to distinguish itself as IPOs conducted on it had been fading and losing out to Hong Kong Exchange for a long time. However, it must be noted that DBS Digital Exchange is a members-only exchange available to only Institutional investors and accredited.
The press release has been posted on Singapore Exchange where it says it will be working with DBS Digital Exchange to make use of blockchain technology to provide ecosystem for raising funds using asset tokenization and secondary trading of digital assets including cryptocurrencies. Their partnership will also bring better liquidity, scaling and growth of Singapore’s capital markets in area of digital assets and cryptocurrencies.
This includes security token offerings, digital currency exchange (like binance) and digital custody services (like coinbase custody).
DBS was voted world’s best bank for 3rd year in a row – 2018, 2019 and 2020.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.