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Singapore bank launching crypto trust solutions

Singapore bank launching crypto trust solutions
DBS Bank (Courtesy: Twitter)

DBS private bank Singapore’s biggest bank is about to launch Crypto trust solutions. Moreover, the bank posted tenfold Crypto volume growth in Q1 2021. In addition, the bank is expanding its Crypto Services with a new trust solution.

DBS private bank

DBS private bank is one of the most prominent wealth managers in Asia outside China. It has launched a cryptocurrency trust solution amid growing demand for digital assets. Moreover, the bank set up its own Crypto exchange in December 2020.

DBS trustee

According to the Business, times report the Singaporean banking giant is currently expanding its Crypto services. The expansion is done through its wholly-owned trust company DBS trustee. This Crypto trust solution helps the company’s private banking clients to invest, custody, and manage cryptocurrencies.

Moreover, the trust is offering support to four cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH).

Joseph Poon

Joseph Point is the head of the DBS private bank group. He said that the trust structure allows clients to hold the assets conveniently. In addition, they can be safely managed and passed on to their intended beneficiaries.

Most of the clients have expressed interest in investing in Crypto or already invested in digital assets. He also says that they are expecting the acceleration of this trend as cryptocurrencies turn more mainstream.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.