Singapore-headquartered DBS will be the first bank to tap into MaxxTrader’s digital asset trading platform
MaxxTrader has revealed a new trading platform that marks its entry into the digital asset space.
MaxxDigital offers institutions the ability to price, trade and distribute any cash or tradeable tokenised digital asset. With this release, MaxxTrader is aiming to improve the digital asset trading process.
The solution will supply the bank’s digital trading asset business with straight-through trading, from request for quote through to trade settlement, on a 24/7 basis.
Jacky Tai, managing director and group head of trading and structuring, treasury, and markets at DBS, said: “DBS has always made innovation a priority to meet the fast-changing needs of the financial sector. Partnering with MaxxTrader and leveraging their expertise enhances our digital asset trading offering and trading hours even over weekends without having to commit to additional backend resources.”
Commenting on the partnership and MaxxTrader’s ambitions, Manish Kedia, its chief executive officer, said: “We are honoured that DBS has given us their vote of confidence and we aim to collaborate with other TradFi institutions in bridging this gap.
“There is currently a large gap in the digital assets trading market for a robust, functionality-rich trading solution and we believe that MaxxDigital can fill this critical gap.”
MaxxTrader provides a web- and mobile-based trading platform of the same name for foreign exchange to more than 100 global and regional banks, broker-dealers and hedge funds, and will bring more than two decades of experience in end-to-end trading solutions to digital assets.
SGX acquired MaxxTrader in 2021 to strengthen its foreign exchange arm. Lee Beng Hong, senior managing director and head of fixed income, currencies and commodities at SGX, noted: “MaxxTrader’s stable infrastructure fills an essential gap in the market with its introduction of institutional grade solutions, delivering cutting edge technology that works for both crypto and any other tokenized traditional assets.”