DBS Group to Introduce Tokenized Gold as Demand for Precious Metals Rises
Deep News
Jun 11
As Singapore works to bolster its position as a hub for precious metals, DBS Group is preparing to launch tokenized physical gold. The bank stated on Thursday that its physical gold tokens represent Singapore's inaugural product of this kind, enabling retail clients to digitally acquire, hold, and trade tokenized gold. Tokenization signifies that ownership of a real asset is represented by a blockchain token that can be transacted electronically. The bank clarified that each token is backed by one gram of physical gold held by DBS in a Singapore vault, with these tokens set to be launched in the second half of the year via the bank's digital application.
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