DBS, the biggest bank in Southeast Asia, announced that self-directed cryptocurrency trading has been launched via DBS digibank. Details:
Clients who are eligible can trade cryptocurrencies via DBS Digital Exchange (Ddex), DBS digibank, or at their own convenience.
DBS’s digital asset exchange supports trading in four cryptocurrencies: bitcoin, bitcoin cash and ether. The exchange previously allowed only institutional and corporate investors to trade crypto, as well as family offices and clients of the bank’s private wealth management.
DBS explained Friday’s launch:
This means that approximately 100,000 Singapore investors meet the criteria and can access DBS’ digital assets ecosystem.
Sim S. Lim is an executive from the bank’s Consumer Banking and Wealth Management. He stated: “Broadening Access to Ddex represents yet another step in our efforts in providing sophisticated investors who want to dip their toes into cryptocurrencies with a seamless and safe way to do so.
DBS reported that trading volumes on its digital asset platform had soared in August. According to the bank, “Investors who are confident in the long-term prospects for digital assets gravitate towards trusted and regulated platforms to gain access to the digital asset market.” The bank also recently joined the metaverse through a partnership with The Sandbox.
Piyush Gupta , CEO of DBS Bank Group, stated in March he doesn’t believe cryptocurrency will become money but said that it could be an alternative to gold or its value.