DBS Bank Rolled Out Digital Exchange Yet Pulled out in Minutes!

DBS to Launch Fiat-to-Crypto Exchange

One of the largest banks, DBS has launched its own crypto-to-fiat exchange called ‘DBS Digital Exchange’.  They did a soft launch, yet deleted the link within very few moments after launch as Twitter exploded with the development.

The digital exchange would allow users to trade four crypto assets including Bitcoin(BTC), Bitcoin cash(BCH), Ethereum(ETH), and XRP. These crypto-assets can be traded against SGD, HKD, JPY, and USD. 

Binance CEO CZ and CEO of WazirX Nischal Shetty also rejoiced in the moments with their tweets. However, some speculate that they might not be ready for the launch and released by mistake.

Also Read: Why It Was So Important for Paypal to Enter the Crypto Space?

India is also Ready for Crypto Adoption!

India is considered as one of the biggest market places for the cryptos and blockchain in the entire world. However, the misty clouds surrounding the regulations are a matter of concern for every trader or the crypto exchange in the country.

However, amid the environment filled with speculation, a ray of hope manifesting a possible mass adoption of cryptos in India has been witnessed. One of the leading fintech firms, Cashaa which manages App for crypto buying and selling is all set to partner with India’s United Multistate Credit Cooperative Society. 

The new venture called ’Unicas’ would open nearly 34 branches including physical branches with operation in many parts of northern India including Delhi, Gujarat and Rajasthan. They have also planned to add up more than 100 physical branches by next year.

The customers can buy, sell the crypto assets with the Indian fiat currency INR. Moreover, Cashaa also said they would convert their existing locations into educational centre as India lags behind in terms of knowledge on cryptos. 

The cooperative societies in India do offer financial services in India, dually managed by the Central Registrar of Cooperative Societies and the RBI. Offering financial services includes providing loans, and hence the customers can also use their cryptos as leverage to acquire loans.

Collectively, DBS Singapore launching fiat-to-crypto exchange and Cashaa collaborating with Indian counterparts point out escalated crypto adoption in the coming years. However, DBS’s official announcement is still awaited, which will be updated with the announcement.