Southeast Asia’s Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand – DBS, the largest bank in Southeast Asia, has introduced app-based cryptocurrency trading. More customers are now qualified to trade cryptocurrencies, such as bitcoin and ether, on the bank’s digital asset exchange.
DBS, the largest bank in Southeast Asia, stated on Friday that “self-directed crypto trading is now available through DBS digibank.” “Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (Ddex) through DBS digibank at their convenience,” according to the announcement.
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Currently, bitcoin, bitcoin cash, ether, and XRP can be traded on the DBS digital asset exchange. Previously, only corporate and institutional investors, family offices, and the bank’s private wealth management clients were permitted to trade cryptocurrencies on the exchange.
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 at the bank’s Consumer Banking and Wealth Management, stated, “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.”
DBS reported in August that trade volume on its digital asset market skyrocketed. “Investors who believe in the long-term potential of digital assets gravitate toward trusted and regulated platforms in order to access the digital asset market,” the bank stated. Additionally, the bank recently entered the metaverse through a partnership with The Sandbox.
Piyush Gupta, the chief executive officer of DBS Bank Group, stated in March that he does not believe cryptocurrencies would become money, but that “they can serve as an alternative to gold and its value.”
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