Bank With $489 Billion In Assets Explains How Crypto Can Reach Mainstream Audience: Report
Singapore’s largest bank supports cryptocurrency and blockchain technology despite regulatory uncertainty and market slowdown.
According to a new report from the Financial Times, DBS CEO Piyush Gupta says the recent crypto decline shows the need for regulated financial institutions to offer digital asset products.
DBS first rolled out its crypto exchange for institutional and accredited investors in late 2020, offering trading services for Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH). Earlier this year, Gupta announced plans to further expand his crypto offerings.
Now, Gupta says that financially regulated institutions can help crypto reach the mainstream public.
“You might as well try to create frameworks and processes to make these reasonably accessible to everyone instead of having a regulated space and a cowboy space and letting everyone go to the cowboy space.”
Nizam Ismail, the founder of digital space consulting group Ethikom Consultancy, says the volatility of crypto makes it difficult for most people to fully understand the dangers of investing before it’s too late.
“In truth, crypto is highly volatile and fundamentally it has to come down to people who understand the risks…”
Gupta says his clients potentially being “burned” by a crypto downturn is a main concern.
“On the one hand, we want to be a global crypto hub. On the other hand, we’re also very concerned about our domestic population getting burned with this speculative asset class.”
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Featured image: Shutterstock/Tithi Luadthong
