Southeast Asia’s Largest Financial institution DBS Launches Self-Directed Crypto Buying and selling Amid Institutional Demand
The largest bank in Southeast Asia, DBS, has launched self-directed cryptocurrency trading via its app. More customers are now qualified to access the bank’s digital asset exchange and trade cryptocurrencies, including bitcoin and ether.
DBS Launches Self-Directed Crypto Trading
DBS, the largest bank in Southeast Asia, announced Friday that it “has rolled out self-directed crypto trading via DBS digibank.” The announcement details:
Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (Ddex) through DBS digibank at their convenience.
The DBS digital asset exchange currently supports the trading of four cryptocurrencies — bitcoin, bitcoin cash, ether, and XRP. Previously, crypto trading on the exchange was limited to corporate and institutional investors, family offices, and the bank’s private wealth management clients.
With Friday’s launch, DBS explained:
For a start, an estimated 100,000 investors in Singapore meet this criteria, and are eligible to access the services offered by DBS’ digital assets ecosystem.
Sim S. Lim, an executive in the bank’s Consumer Banking and Wealth Management, opined: “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.”
In August, DBS said that the trading volume on its digital asset exchange soared. “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” the bank said. The bank also recently entered the metaverse by partnering with The Sandbox.
DBS Bank Group CEO Piyush Gupta said in March that he does not think cryptocurrency will become money but noted that “it can be an alternative to gold and its value.”
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