DBS, Singapore’s largest retail and business financial institution, appears to be getting into the cryptocurrency area with three new choices.

In keeping with data seen by Cointelegrpah, DBS is launching cryptocurrency buying and selling and custody in addition to a platform for conducting safety token choices.

Snapshot of latest providers to be provided by DBS. Supply: Cointelegraph

In keeping with an outline of the platform seen by Cointelegraph, DBS’ upcoming crypto service — the DBS Digital Alternate — will assist 5 main cryptocurrencies together with Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Money (BCH) and Ethereum Traditional (ETC).

Supported fiat currencies embody america greenback, the Singapore greenback, the Hong Kong greenback and the Japanese yen.

DBS Digital Alternate won’t maintain any property itself, as a substitute, “all digital property are stored at DBS Financial institution, which is globally recognised for its custodial providers.”

The DBS Digital Alternate will even permit small- and medium-sized enterprises in addition to massive firms to situation safety tokens.

As an organization regulated by the Financial Authority of Singapore, DBS famous that its upcoming crypto service will provide “distinct benefits akin to the reassurance of institutional-grade safety.” The upcoming bank-backed trade additionally goals to additionally present strong measures to stop fraudulent actions and preserve strict compliance with Anti-Cash Laundering and Counter Terrorist Financing rules, in keeping with the doc.

DBS didn’t instantly reply to Cointelegraph’s request for remark.