Singaporean SBI DM Plans to List Digital Assets on German Firm 21X

• Prominent centralized bank SBI has announced a partnership with 21X for digital assets listing.
• Several banks have incorporated crypto and digital assets listing in the past months.

In the last 24 hours, amid several news reports, the cryptocurrency sector witnessed the release of governmental institutions’ Bitcoin holdings data. The governmental reserves alone account for 2% of Bitcoin’s total supply. This indicates a widespread adoption of cryptocurrency in the global economy.

Moreover, several banks have begun listing digital assets and allowing cryptocurrency transactions. Recently, the Singapore-based SBI DM, a subsidiary of Japan’s SBI, announced that it has partnered with a German firm – 21X. The firm is a distributed ledger technology (DLT) based infrastructure provider, on which SBI plans to list the digital assets.

Additionally, the digital markets bank stated that it would play the role of listing agent and service provider while 21X would monitor the trading for digital assets. Notably, 21X has stated that it is awaiting the final regulatory approval to launch its DLT Pilot Regime. SBI DM will be a part of this regime where they aim to “issue, distribute and trade tokenized securities” on the 21X exchange.

Moreover, the two firms state that in the initial phase, they plan to list Singapore-issued securities in Europe. Notably, 21X is one of the first European exchanges to be approved by the Securities and Markets Authority. The firm through the partnership plans to further extend listings of European assets in China and Thailand after the initial launch.

Is SBI the Latest Example of Surging Digital Assets Listings by Banks?

In the past few months, several fiat currency-based banks have announced digital asset listings. Recently, Germany-based Commerzbank announced that it would provide Bitcoin and Ethereum trading services. The bank plans to provide these services through cryptocurrency firm Crypto Finance.

Additionally, in the past month, Singapore-based DBS bank announced blockchain integration into its Government grants. Moreover, several national banks have explored the central bank digital currencies (CBDCs) and its incorporation. This indicates a shift in attitude towards digital assets and predicts a future of widespread adoption.

Meanwhile, the SEC has stated maintaining strict rules on banks listing and trading digital and crypto assets.