The Crypto industry was left perplexed when the largest bank in Singapore,DBS created a service page on its website, talking about a digital exchange.
The crypto community started talking about the launch, and soon there was hype all around. However, the unexpected happened when the bank took off the page from the website without any notice.
The digital exchange was seemingly soft-launched by the bank on its website, which included some important information but was taken down quickly.
DBS Bank To Launch Digital Exchange Soon
The announcement page was no longer active, and the users were completely confused about the reason. The page initially talked about the trading facility across its exchange for the top cryptocurrencies like Bitcoin, Ethereum, etc., The Digital exchange from a frontrunning bank would have been highly beneficial for the crypto community, and thus the news spread like wildfire. The DBS bank’s digital exchange would open larger and more profitable avenues for Bitcoin and attract more investors.
Bitcoin Can Gain Substantial Exposure with a DBS Exchange
Currently, Bitcoin is rallying with an extremely bullish run, and a lot of investors and mainstream institutions are pouring in their assets in the cryptocurrency. Earlier, Paypal announced Bitcoin support as a payment method, and Square converted 1 percent of its assets to Bitcoin.
The various investors and crypto enthusiasts were quick to react to the news. They said that if the bank launches the service, it would be highly efficient for the various individuals who use banking services in Singapore.
No Regulatory Approval Yet
The bank said in the announcement that the exchange would be regulated by the Monetary Authority of Singapore, which authorizes the various banks and financial institutions in the country. The exchange would be backed by the DBS bank.
The bank’s unnamed sources said that the DBS exchange is in the making, and the development is underway. The regulatory authorities have not approved the financial exchange as of now, so the launch may take some time.
The Webpage talking about the digital exchange was taken down instantly; however, the users claim that it can still be previewed in the search results of search engines. The Webpage, which was removed, described the service as ” an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.”
Reportedly the bank took down the page since it does not have regulatory approval and would publish once the permission and all legalities are completed. Till then, there would be no further announcement, said the bank.