Launch Of Cryptocurrency Service By DBS Singapore

DBS from Singapore is known as the largest Bank in Southeast Asia.

It has officially announced its launch of Cryptocurrency service that would include a trading platform called DBS Digital Exchange with 4 cryptocurrencies – Bitcoin, ETH, Bitcoin Cash and XRP at the initial stage.

One strategy move with its launch was to allow Singapore Stock Exchange(SGX) to have 10% stake in its new service.

By getting SGX to get involved, the new platform and SGX can promote the development of cryptocurrencies in a greater way.

I guess this new service may pose as a competition to Coinhako exchange that is located in Singapore but it may also help to make cryptocurrencies become more accessible and known to more people.

The price of XRP was about $0.25 in mid-November this year and there was a pump that had pushed its price to more than $0.76 on 24 November with many XRP investors that had probably invested since there would be an airdrop of Spark for XRP holders.

I did make an article about the Spark Airdrop recently.
https://steemit.com/hive-175254/@fun2learn/spark-airdrop-for-xrp-holders-at-coinbase

With DBS trading platform including XRP as one of the cryptocurrencies being traded, I am suspecting that it would help the price of XRP.

I decided to made a small investment in XRP to get the Spark airdrop as well as holding it for the potential future price boost if XRP gets more such opportunities to get into the mainstream banking services.

It is definitely an exciting era with more local banks in different countries adopting cryptocurrencies so that they can have a piece of the growing market with huge potential profit to gain.

Reference:
https://news.bitcoin.com/southeast-asia-largest-bank-dbs-bitcoin-exchange-cryptocurrencies/
https://www.theblockcrypto.com/post/87284/singapore-stock-exchange-dbs-crypto