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DBS Bank Ltd is looking to supply support for Bitcoin because it looks to maximize the growing demand for cryptocurrency investments among consumers.

Singapore’s biggest banking corporation unveiled a flagship cryptocurrency trading service, dubbed as DBS Digital Exchange, during a â€œsoft-launch.” It later removed the webpage from public view, leaving the Bitcoin community guessing about the right timeframe of the launch. (Cached page accessible here)

Based on the knowledge available on the first page, the platform primarily intends to help SMEs and bigger corporations in raising capital via the creation and sale of digitized securities and assets.

Meanwhile, it brings forth “trading services” that allow users to exchange fiat currencies for top cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, and XRP.

“Unlike most digital exchanges today, DBS Digital Exchange doesn't hold any digital assets,” the platform’s official portal reads. “Instead, all digital assets are kept at DBS Bank, which is globally recognized for its custodial services.

Bitcoin Adoption Booms

The informal revelation appears almost a month after Taimur Baig–the DBS Bank’s chief economist–openly recognized Bitcoin as people’s hedge against worrisome dollar outflow.

This thing has fixed circulation, it'll not be debased,” said Mr. Baig in September. “People worry about dollar outflow and wondering if they ought to hold crypto additionally to gold as a safe-haven currency.”

Bitcoin rose by quite 80 percent in 2020 – and by quite 250 percent after the Federal Reserve System introduced unlimited bond-buying and near-zero interest policies in March 2020. The cryptocurrency received an extra upside boost from the United States government after it announced a $2 trillion aid to assist Americans through the coronavirus-induced lockdown.

As the expansionary decisions came into effect, the US dollar lost its value against leading foreign currencies. The greenback’s unattractiveness pushed investors further into the security of riskier and other safe-haven assets, including Bitcoin.

Bullish

Billionaire investor Paul Tudor Jones, asset management firm StoneRidge, and corporations like MicroStrategy and Square, invested large sums into the Bitcoin sector to effectively replace their cash reserves. PayPal, a worldwide payments giant, also announced its raid the cryptocurrency sector.

Each event led the Bitcoin prices higher across its spot and derivatives markets. With DBS further hinting to require the cryptocurrency mainstream, and a second stimulus deal underway, Bitcoin’s likelihood of adding more valuation to its market has surged highly.