Singapore-based banking giant DBS announced Friday that it has launched crypto trading through its digibank, enabling accredited investors to trade four cryptocurrencies on its digital exchange.
Along with most of the transactions executed digitally currently. The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options.
By investing from a minimum investment of USD 500, accredited premium clients can trade four of the more established cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and XRP, on its digital exchange (DDEx).
The largest bank in Singapore said, “having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.”
A senior executive of the DBS commented on the latest movement and said this move would help their clients to grow and protect their wealth. Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank, said:
“We believe in staying ahead of the curve and providing access to the solutions they seek. Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”
Around 100,000 clients in Singapore will be able to access the services offered by DBS’ digital asset ecosystem.
Per the statement, crypto trading on DDEX was initially “limited to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client only. “The latest service would also be available to accredited investors in its Treasures segment.
DBS established a digital exchange around two years ago and received a cryptocurrency license from the Monetary Authority of Singapore (MAS) last year.
Amid a volatile environment and downturn in the crypto market, serval crypto or digital exchanges have declared bankrupt, such as Celsius, and Three Arrow Capital (3AC). Singaporean regulators intensify supervision of digital assets firms to meet the local regulation and compliance needs. Recently, the Monetary Authority of Singapore (MAS) barred crypto advertisements presented at F1 racing sports events.
Image source: Shutterstock, DBS