Singaporean megabank DBS works on expanding Bitcoin trading to retail
DBS Bank’s crypto exchange launched in late 2020, allowing to trade cryptocurrencies only to professional investors. DBS Bank, Singapore’s largest bank, is working on expanding its cryptocurrency exchange beyond its current investor base of institutional clients, according to the CEO.DBS Bank CEO Piyush Gupta spoke of the bank’s cryptocurrency business during the Q4 2021 earnings call on Monday, stating that the company will focus on measures to further scale its crypto exchange operations in 2022.During the call, Gupta was asked whether DBS Bank has a roadmap for rolling out digital asset....
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The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC. These firms will participate in the Global CBDC challenge and help build the in-house retail central bank digital currency. MAS announcement indicates that the participants include four companies from the United States and six from Singapore. There’s also one firm each from Barbados, France, Switzerland, Australia, and Germany. Of all the participants, only three winners will emerge and work to build Singapore’s retail CBDC. On June 28, there was an announcement of....
Spanish megabank Santander has been experimenting with blockchain technology. Its head of research and development will discuss applications of the technology at Consensus 2015. Twenty billion dollars a year - that's how much banks could save on cross-border payments, compliance and securities trading if they used blockchain tech to move money and assets around the world, according to a report co-written by Spanish megabank Santander published last month. Julio Faura is one of the Santander executives playing a crucial role in making that massive cost-saving a reality. He commissioned a....
The Monetary Authority of Singapore will trial a retail central bank digital currency in various contexts at a fintech event, despite the electronic payment options already available. The Monetary Authority of Singapore (MAS) has wrapped up the first stage of its Project Orchid examination of a retail central bank digital currency (CBDC). According to the white paper released on Oct. 31, there is no “urgent case” for a retail CBDC in Singapore, but the study envisioned the infrastructure required in case a need arose. It also conceptualized a new model for digital currency — purpose-bound....
Gold-to-bitcoin trading platform DigitalTangible is expanding to Asia through partnership with Hong Kong-based exchange Melotic. The company is framing the move as a way of allowing customers to trade gold assets via Melotic's simple interface at lower costs than are normally associated with bullion exchanges. DigitalTangible allows investors to move value from physical gold holdings to bitcoin, which can then be stored or traded. The firm says its Proof of Custody global gold accounting ledger lowers investment and portfolio management costs for customers. How DigitalTangible works. In....
Global banking giant Santander has commissioned a study investigating the potential impact of bitcoin and other cryptocurrencies on the banking sector. As the 43rd largest company in the world, the multinational megabank has branches on five continents and upwards of 180,000 employees. Santander's study, titled Bitcoin's Impact on Banks, is being run by insight network Yegii, which is now recruiting experts in the field. The project's budget is $5,000 and the stage one deadline is 27th August 2014. The report is due to be finalised in late September. In a company post, Yegii outlined the....