DBS Group Holdings, the largest bank in Singapore and Southeast Asia announced expansion of its crypto business.
Furthermore, The bank’s digital asset trading platform is set to double the number of members by year-end. For instance, the demands from investors is described to be growing rapidly.
Singapore’s DBS Anticipates Remarkable Growth in Crypto Business
DBS’s senior executives said the bank is witnessing a massive demand from corporate investors, accredited individuals, and investment firms managing assets of wealthy families.
Additionally, The bank is anticipating the number of members trading on its cryptocurrency exchange platform to double by the end of December. For instance, the number will grow by 20-30% annually for the next three years.
Cryptocurrency Exploration and Exposure
Eng-Kwok Seat Moey, head of capital markets at DBS and chairperson of the exchange has this to say…
“We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.”
The bank currently offers trading services between four fiat currencies (SGD, USD, HKD, and JPY), and four cryptocurrencies: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and XRP, its website details. Meanwhile, The Bank developed its trading platform, DBS Digital Exchange in December.
Kwee Juan Han, DBS’ group head of strategy and planning commented
“Our aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody – all within a trusted and regulated bank franchise.”
The bank has also introduced its first security token offering on its crypto exchange in My June. While, This was after launching a trust service for crypto in May.
DBS started planning to expand its crypto business to meet “growing demand” from investors since August.
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Additionally, This makes DBS Digital Exchange the only bank offering cryptocurrency trading, asset tokenization, and digital custody services.
Ganesh Viswanath-Natraj, assistant professor of finance at Warwick Business School in Britai added,
“Having mainstream banks helps foster an environment where settlement risk is minimal and there are safeguards in place for custody of user deposits and security of transactions.”