DBS Bank, a key financial services group in Asia, is applying DeFi for a project backed by Singapore’s central bank.
Recently, the firm announced that DBS has initiated a trading test of foreign exchange and government securities using permissioned, or private DeFi liquidity pools.
As per DBS’ head of strategy Han Kwee Juan, the latest Project Guardian developments lay the foundations for building global institutional liquidity pools facilitating speedy trading, better transparency, lower settlement risks and other advantages. Han further mentioned that smart contracts show a lot of promise for trading execution and verification.
“Smart contracts will reshape how execution can be achieved in a highly trusted manner, especially if it takes place in a permissioned market where all anonymous wallets are verified by trust anchors such as Know Your Customer processes.”
DBS Bank made a huge move into the digital asset industry in the past couple of years, launching an institutional virtual currency exchange in the month of December, 2020. The firm has also been working to expand its digital asset trading platform to retail investors.
The latest milestone in Project Guardian is yet another instance of the rising trend involving a combination of decentralized finance technology with centralized finance tools. As per Swiss central bank official Thomas Moser, decentralized finance can work well with CBDCs, accompanying each other in terms of stability and liquidity.
The Future is Now Media Group have launched a YouTube show called The Future is Now Digest, hosted by Miguel Francis-Santiago. Together […]
April 30, 2020
PRESS RELEASE — 10,000 participants are expected to join CHAIN2020 in Hong Kong on January 15, which aims to become one of […]
December 27, 2019
Adding to the community’s rising censorship worries, the minting of OFAC-compliant Ethereum blocks on a daily basis has increased to seventy three […]
November 8, 2022
The New York Fed simulated forex transactions using a distributed ledger to test for enhancements over the existing system. As per an […]
November 8, 2022