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Blog

Date:
28th Oct 2020
Author:
CryptoAltum Research Team

A Crypto Exchange By the Largest Commercial Bank in Singapore Supports Ripple (XRP)

DBS, the largest retail and commercial bank in Singapore, is launching a cryptocurrency exchange with fiat-to-crypto. Ripple (XRP) and other leading coins including BTC and ETH are among the first to be supported. SGD, HKD, JPY, and the USD are listed paper currencies.


Details: 

The CEOs of Three Arrows Capital and Digital Currency Group have taken note of the development with Barry Silbert saying it is a big deal. Regulations around crypto and blockchain continue to be major impediments slowing down the adoption of tokens. In Singapore, rules are clear and exchanges like this one developed by DBS can easily and compliantly launch a ramp with fiat support with measures in place protecting investors. The support of XRP is a big endorsement for Ripple, recognizing their effort of not only remaining a decentralized entity but helping driving blockchain-based solutions in remittance.


Impact on the XRP Price: 

Neutral to Bullish. Technically, the more exchanges list the coin, the deeper its liquidity. This is bullish for XRP subject to how the exchange picks up.


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