Signaling a shift in attitude toward bitcoin and other digital assets in the corridors of corporate power in Asia, two regional banks – Singapore’s DBS and India’s United Multi State Credit Co-Operative Society Ltd – have announced that they will be providing crypto-related services to their customers.
In Singapore, the DBS Digital Exchange will allow users to trade in four crypto assets – bitcoin, Bitcoin Cash, Ether and XRP – against the Singapore dollar, Hong Kong dollar, Japanese yen and US dollar.
To help small and medium-sized firms to raise funds, DBS said its exchange will announce security token offerings “in due course.”
“Digital assets are poised to be the future of tomorrow’s digital economy,” The Block quoted the bank as saying. “With DBS Digital Exchange, a bank-backed digital exchange, companies and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.”
In India, United is planning to expand its banking services to include cryptocurrencies and cryptocurrency products, Cointelegraph reports.
In collaboration with Cashaa, a crypto banking service provider, United has set up a joint venture called UNICAS that will offer both online crypto banking services and walk-in services at its 34 physical branches in northern India.
This move by United and Cashaa comes amid India’s uncertain crypto regulations. While the Supreme Court of India struck down the crypto banking ban imposed in March by the Reserve Bank of India, most banks are still not comfortable with providing services to crypto firms and individuals dealing in digital assets.
UNICAS will allow United account holders to integrate their crypto wallets directly with their accounts. Customers will also be able to directly buy bitcoin, Ether, XRP and Cashaa by paying either in cash or directly from their account. When UNICAS launches, United will also allow its customers to take out loans against cryptocurrencies, according to Cointelegraph.