Singapore’s DBS Bank expands crypto trading service for 100,000 customers
According to Friday’s announcement through Bloomberg, Singapore state-owned DBS Bank has expanded its crypto trading service to more of its 100,000 investors linked to its DBS Treasures section. DBS’ clients will trade virtual currencies through its decentralized exchange for members, DDEx. The service initially allows customers to trade four top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BitcoinCash (BCH) and Ripple (XRP).
Despite the current negative market climate and US regulators’ tightening policies, cryptocurrency continues to gain more and more ground in use. The benefits and use cases of decentralized technology have attracted the government and private sector globally and pushed them to include digital currencies in their systems. Similarly, Singapore’s leading finance bank, established in 1968, is second to none.
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The Treasures segment of DBS includes affluent clients with the minimum investable asset of $246,000. In addition, clients in this program will be required to invest a minimum amount of $500.
Prior to this latest announcement, the bank offered its trading services to its DBS Treasures Private Clients, Institutions and Corporates, as well as customers of DBS Private Bank.
DBS Bank saw crypto transactions quadruple on DDEx
The bank brought this development a month after the platform recorded a massive increase in transactions on its member exchange DDEx. Undermining the months-long market volatility, the exchange saw a four-fold increase in TRXs in July compared to April.
Speaking about the self-directed investment service, a DBS bank representative added;
Holding their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.
Moreover, one of the bank’s executives went on to say that DBS aims to have all the advanced investment options available on its platform and “provide sophisticated investors looking to dip their toes into cryptocurrencies with a seamless and secure way to do so.”
Crypto adoption is growing despite the current market climate
DBS Bank initially introduced its private exchange, DBS Digital Exchange (DDEx), in 2021. And now, following the expansion of the DBS digital ecosystem, around 100,000 of its accredited customers in Singapore will be able to access digital asset trading.
The crypto market has almost lost over $2 trillion due to the Terra fiasco and macroeconomic factors that have thrown the entire industry since May 2022. Still, traders have no idea whether BTC is about to bottom now. But institutional interest in digital assets continues to grow.
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In August, DBS Bank also won “in principle” the license from the Monetary Authority of Singapore (MAS). This enables the financial platform to operate crypto trading services in the state in line with the Payment Services Act.
DBS Bank noted at the time;
We are pleased to have made steady progress in our digital asset ecosystem in the six months since we launched DDEx last year. We have seen great interest among asset managers and companies for access to digital payment token services.
Featured image from Pixabay and chart from TradingView.com
