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Most Successful Bank in Singapore Starts Using Ripple (XRP)

Jamie West by Jamie West
October 28, 2020
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United States – One of the largest banks in Singapore, the DBS Digital Exchange, will launch a crypto exchange platform that will accept different digital assets, including Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Bitcoin (BTC).

According to the report, the news spread out after the publication of the exchange’s website that is immediately deleted. However, evidence has verified that the Monetary Authority of Singapore has allowed and will support the platform.

DBS is one of the most successful banks in Southeast Asia. Fortunately, its executives decided to launch a first-to-cryptocurrency exchange called DBS Digital Exchange that will allow users to trade Singaporean dollars, Japanese yen, US dollars, and Hong Kong dollars to BTC, BCH, XRP, and ETH. The company also claimed that this exchange would conduct security token offerings to help small and medium-sized firms raise funds.

DBS Digital Exchange will use its parent DBS Bank for the services for the customers’ funds. The company has deployed a DBS Digital Custody, an institutional-grade custody solution that can keep digital assets hidden and safe.

After this announcement, DBS’ spokesperson told the media that its digital exchange plans are still a work-in-progress. They are still doing plenty of research and have not received the required regulatory approvals. Until such time once the approvals are in place, DBS will keep the public updated.

Some critics revealed that the DBS Digital Exchange would be available to institutional investors directly, including the professional market makers and financial institutions. On the other hand, the retail investors can access the platform after registering as a DBS member in DBS Vickers Securities and DBS Private Bank.

The published DBS website claims that many banks, businesses, and businesses will back this digital exchange since it allows people to take advantage of an integrated ecosystem of solutions through faster and cheaper cryptocurrency transactions.

Since DBS is the most prominent commercial and retail bank in Singapore, its soft crypto/fiat trading exchange will surely attract more customers. With the DBS Digital Exchange, more people can process cross-border trading or payment quickly and cost-effectively.

By using the DBS Digital Exchange, investors can execute and confirm trades almost in real-time. This project’s main long-term goal is to convince other banks that cryptocurrencies are some of the new financial resources people need to take advantage of every day. Through this latest DBS investment, the banking system will experience further strength, especially in partnership with tech companies, and accelerate their development of new functions and services.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: BitcoinBitcoin CashcryptocurrencyDBSDBS Digital Exchangedigital assetEthereumMonetary Authority of SingaporeRipple XRPSouth East AsiaXRP
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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