Cryptocurrency exchange OKX said on Monday it would offer instant Singapore dollar-denominated deposits and withdrawals to customers in the city-state, taking a step toward deeper integration with Singapore’s traditional financial system as trading and interest in cryptocurrencies surge.
The funds transfer service will be facilitated by Singapore’s biggest bank DBS Group (DBSM.SI), a statement.
In an emailed comment to Reuters, Evy Theunis, head of digital assets, institutional banking group at DBS said: “DBS has been actively fostering a responsible and innovative digital asset ecosystem in Singapore for several years now. Working with OKX deepens the bank’s wide-ranging involvement in this space.”
Interest in cryptocurrencies has surged following Donald Trump’s U.S. presidential election victory, on the view that friendlier regulation under his administration could usher in a new boom for all corners of the asset class.
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That has sent bitcoin on a tear, with the world’s largest cryptocurrency surging above $90,000 for the first time on record and gaining some 30% for the month thus far.
OKX’s Singapore subsidiary had in September received a payments licence from the Monetary Authority of Singapore, allowing it to provide digital payment token and cross-border money transfer services in Singapore, which has emerged as a centre for crypto in Asia in recent years.
