DBS, a bank headquartered in Singapore, announced Friday that crypto trading has been launched through its digibank. It allows accredited investors trade four cryptocurrencies via the exchange.
These transactions are also digitally executed. DBS Wealth clients are choosing to be self-directed, so the launch of crypto trading comes at an important time.
By Investing For a minimum of USD 500, premium clients who are accredited can trade four of the most popular cryptocurrencies, including Bitcoin (BTC). Bitcoin Cash (BCH), Ethereum, (ETH), and XRP via 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.”
DBS’s top executive commented on the new movement, saying it would help clients grow and protect their wealth. Sim S. Lim (Group Executive, Consumer Banking and Wealth Management at DBS Bank) stated:
“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 started a digital exchange two years ago. Last year, DBS received a license from the Monetary Authority of Singapore.
In a volatile market and downturn in crypto markets, several serval crypto and digital exchanges declared bankruptcy, including Celsius and Three Arrow Capital (3AC). To meet compliance and regulation requirements, Singapore regulators are intensifying surveillance of digital asset firms. Recently, the Monetary Authority of Singapore has (MASF1 racing sport events presented with () prohibited crypto advertisements
Source: Shutterstock and DBS