Standard Chartered and DBS Bank provide users with digital currency trading services? What are the a

Zodia Custody is an institutional-level digital currency custody solution jointly launched by Standard Chartered and Northern Trust. The platform will serve as a portal website to facilitate the connection between institutions and digital asset exchanges, and achieve bank-level secure storage.

Zodia Custody Limited operates as an investment holding company. Zodia Custody has launched a digital asset custody platform for institutions in the United Kingdom, Australia, and Singapore.

Zodia CEO Julian Sawyer stated that the company is launching its services in Hong Kong. The demand for digital currency in the Hong Kong market is driven by institutions rather than retail customers. The Hong Kong government and regulatory agencies see digital assets as the future and hope that Hong Kong will become a center. The Hong Kong Securities Supervision Commission launched a digital asset regulatory system earlier this year, allowing companies to apply for registration and provide services in a regulated manner. Zodia is currently expanding in Hong Kong in stages. It will seek to provide limited cryptoasset services to Hong Kong customers and discuss regulatory matters in the financial district with the Securities Supervision Commission and HKMA.

DBS, headquartered in Singapore, has launched its own digital currency trading function through DBS Digital Bank. The bank’s certified wealth investors can trade mainstream digital currencies on the DBS Digital Exchange (DDEx) with a minimum investment of $500 (approximately S $710).

Previously, the DBS Digital Trading Platform only provided cryptocurrency trading services to corporate and institutional investors, family offices, and private clients of DBS Private Bank and DBS Treasures. The launch of this innovative feature will cover more DBS Wealth Management clients. At the beginning of the new feature launch, about 100,000 DBS Treasures clients will be the first to experience the services provided by the DBS Digital Asset Ecosystem.

As the largest bank in South East Asia, DBS’s digital asset trading platform will use blockchain technology to provide comprehensive services such as asset tokenization, trading, and custody for institutional and accredited investors. Lin Sencheng, Managing Director and Head of Consumer Banking and Wealth Management at DBS Group, said: “Expanding the customer base of DBS Digital Exchange is a further effort we have made, hoping to provide a seamless and secure trading method for mature cryptocurrency investors.”

The friendly attitude of these two banks towards digital currencies has also prompted many digital currency trading users to exchange digital currencies, mainly USDT, for US dollars through compliance platforms such as BiyaPay and Kraken, and remit them to Standard Chartered or DBS Bank.

BiyaPay was founded in 2019 and is a global multi-asset trading wallet headquartered in Singapore. BiyaPay supports recharging digital currencies, such as USDT to exchange for fiat currencies such as USD, HKD, GBP, and EUR to bank accounts. According to statistics, it supports the mutual exchange of more than 20 legal currencies and more than 200 digital currencies, providing users with secure and fast international remittances. The biggest advantage of BiyaPay is its support for large remittances and third-party remittances.

BiyaPay also supports users to use USDT to trade US and Hong Kong stocks. Users do not need to apply for offshore accounts and can participate in real-time trading of US and Hong Kong stocks, with real-time deposits and withdrawals. Truly, one account can invest in global and US and Hong Kong stock markets.

Kraken was founded in 2011 and is headquartered in the US. It is one of the earliest Bitcoin exchanges in the world and also the largest cryptocurrency exchange in terms of euro trading volume. It supports various fiat currencies such as the US dollar, British pound, and Japanese yen. Kraken’s biggest advantage is that it is relatively friendly to small transactions. The euro has a relatively large trading volume and has always been considered the best online trading platform for buying and selling Bitcoin! Kraken has always been rated by independent news media as the best and safest digital currency international station. Kraken is the first digital currency international station to display trading prices and trading volume on Bloomberg Endpoint.

The biggest advantage of bank-supported digital currency exchanges is security and compliance. Users who use bank-supported digital exchanges to buy, sell, and store digital currencies will not worry about the exchange going bankrupt, losing coins, or conducting covert operations. At the same time, compliance factors also enable users to use platforms such as Zodia Custody, DDEx, BiyaPay, Kraken, etc. to exchange digital currencies, such as USDT, for fiat currencies such as US dollars, Hong Kong dollars, and euros, and withdraw them to their own bank accounts. They will not be frozen due to receiving illegal funds, because the funds of banks and these platforms are legal.

Digital currency trading is a huge and promising market. It is believed that with the passage of time, the degree of legalization of digital currency trading in various countries will become higher and higher, and there will be more and more bank-supported digital currency exchanges. In this regard, the governments of the US, Singapore, Hong Kong, and Japan are at the forefront. Standard Chartered and DBS Bank have also gained the advantage of pioneers. One day, digital currency will be unimpeded in all financial systems.