DBS Bank to launch cryptocurrency exchange after condemning Bitcoin a Ponzi scheme in 2017
- DBS Bank, one of Asia’s largest banks stated that Bitcoin is a Ponzi scheme three years ago.
- This stance has significantly changed in the past few years as the bank prepares to launch its own exchange.
DBS Bank of Singapore has just announced the launch of a digital asset exchange featuring Bitcoin, Ethereum, Bitcoin Cash, and XRP and several fiat currencies including SGD, USD, HKD, and JPY.
Yes, I know it's the same DBS bank, one of the largest banks in Asia, and yes, it has been 3 years. But still... what a turn of events! pic.twitter.com/PwrktNQuHn
— cnLedger (@cnLedger) December 10, 2020
The bank’s stance on Bitcoin has changed radically since its first mention back in December 2017. Initially, DBS Bank said Bitcoin is some sort of Ponzi scheme and basically a financial scam.
We see bitcoin as a bit of a Ponzi scheme. Bitcoin transactions are incredibly expensive and all the fees are hidden through the crypto-mechanisms.
However, clearly, they don’t believe that anymore and are planning to launch crypto trading as early as next week. Additionally, the bank also stated that Security Token Offerings could also happen soon in about a month or two. Piyush Gupta, DBS Group CEO said
You can tokenize anything, you can tokenize a painting. But for now, we will be concentrating on financial assets.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
