Active Stocks
Wed May 22 2024 14:09:56
  1. Tata Steel share price
  2. 172.90 -0.80%
  1. ITC share price
  2. 440.00 1.16%
  1. State Bank Of India share price
  2. 817.70 -1.55%
  1. Kotak Mahindra Bank share price
  2. 1,697.75 0.04%
  1. NTPC share price
  2. 372.10 0.05%
Business News/ Markets / Stock Markets/  DBS to launch digital exchange for institutional investors
BackBack

DBS to launch digital exchange for institutional investors

DBS Group Holdings is to set up an exchange for digital assets, including cryptocurrencies, that will provide tokenisation, trading and custody services to institutional and accredited investors

The bank said Singapore Exchange will take a 10% stake in the digital exchangePremium
The bank said Singapore Exchange will take a 10% stake in the digital exchange

HONG KONG : DBS Group Holdings, Southeast Asia's biggest bank, is to set up an exchange for digital assets, including cryptocurrencies, that will provide tokenisation, trading and custody services to institutional and accredited investors.

The DBS Digital Exchange will use blockchain technology to provide a platform for fundraising through asset tokenisation and secondary trading of digital assets, the bank said in a statement on Thursday.

The tokenisation process represents converting rights to an securities asset into a unique digital form, which then becomes eligible for trading.

The bank said Singapore Exchange will take a 10% stake in the digital exchange.

The move comes as institutional investors pumped $429 million into cryptocurrency funds and products for the week ended Dec. 7, the second highest on record, based on Monday's data from digital asset manager CoinShares.

The investments pushed the sector's assets under management to an all-time peak of $15 billion, the Coinshares report said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 10 Dec 2020, 04:18 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started