Singapore’s DBS Bank is building a digital assets trading platform to support bitcoin and other cryptocurrencies. If approved, the DBS Digital Exchange would be the world's first crypto exchange backed by a central bank. The digital asset exchange from Singapore’s largest bank DBS is expected to encourage other Asian financial institutions to build or reveal their crypto strategies. The crypto service will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Ethereum Classic (ETC), as well as fiat currencies of the United States dollar, the Singapore dollar, the Hong Kong dollar and the Japanese yen. DBS Digital Exchange will not hold any assets itself, instead, all digital assets are kept at DBS Bank, dubbed DBS Digital Custody. The DBS Digital Exchange launched a website, but it has since been taken down, likely pending regulatory approval by the Monetary Authority of Singapore, the city-state's central bank. Since 2017, Singapore has ranked among the world's top three markets for initial coin offerings, with the United States and Switzerland. Three of the top 10 crypto derivatives exchanges are headquartered in Singapore—Huobi, Bybit and Phemex.