Singapore bank DBS to offer tokenized gold to retail customers

DBS Bank launched a tokenized gold offering for its retail customers on March 18, 2024, allowing them to buy and sell gold in fractional amounts. Each digital token is backed by one gram of physical gold, which is stored in a dedicated vault managed by DBS in Singapore. This initiative aims to make gold investment more accessible and liquid for a broader customer base. The bank stated that the tokenized gold can be traded on the DBS Digibank platform, providing a seamless experience for investors. This move by DBS signifies a growing trend in traditional finance embracing blockchain technology for asset tokenization, potentially paving the way for other digital asset offerings.