On the 31st, Southeast Asia’s largest DBS bank announced that it issued a digital bond worth 15 million Singapore dollars (about 12.6 billion won). For the first time along the way, a security token offering (STO) was realized. Coinpost reported this on the 31st.
DBS’s digital bonds have a maturity of 6 months and an annual interest rate of 0.6%, and are provided through the affiliated cryptocurrency exchange DBS Digital Exchange (DDEx). In the distribution market, transactions can be made for institutional investors or qualified investors who are members or customers of DDEx.
Unlike ordinary bonds, DBS Bank is the only book runner for transactions, and the minimum transaction unit can be purchased in units of 10,000 Singapore dollars (approximately 830,000 won), which is about 1/25 of the conventional transaction unit (existing transaction unit is 250,000 SGD (existing transaction unit). KRW 210 million))
The STO explained that it is expanding the ability to efficiently access capital markets by utilizing DDEx’s infrastructure for customers and other issuers. It is said that it has built a good precedent for future STO issuance and listing.
[The latest trend of DDEx]
DDEx is a cryptocurrency exchange for institutional investors launched by DBS in December 2020. In addition to the spot trading of four stocks, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP), in mid-May, it started offering cryptocurrency trusts, the first case among Asian banks.
Custody and storage services are also provided for customers of institutional investors, and as of the first quarter of 21, we know that the daily transaction volume has increased 10 times from the beginning of the launch. Since this STO has been suggested from before, there are plans to shift the trading hours from Asian time to a 24-hour system in the future.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.