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Cryptocurrencies

Singapore bank DBS starts currency and crypto exchange

City-state moves forward on digitization to cement financial hub status

DBS' new digital exchange will allow for trading in Singapore dollars, U.S. dollars, Hong Kong dollars, Japanese yen and four cryptocurrencies.   © Reuters

SINGAPORE -- A digital exchange, which is being touted as the first for trading fiat money and cryptocurrencies with backing from a traditional bank in Singapore, was launched on Friday.

The full-service platform uses blockchain, or distributed ledger technology, to allow traders to exchange four currencies -- Singapore, U.S. and Hong Kong dollars, and the Japanese yen -- for four cryptocurrencies: Bitcoin, Ether, Bitcoin Cash and XRP.

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