The Financial Times reported Tuesday that DBS Bank (Singapore’s largest bank) is still planning to expand its cryptocurrency business and offer cryptocurrency and asset services to 300,000. This despite the bear market for cryptocurrencies.
Investors are now looking for safe places to store and trade their digital assets in the face of market volatility.
Piyush Gupta is the CEO of DBS. He stated that, “On one side, we want to become a global cryptocurrency hub. We are also concerned about the possibility of our country being burned by this speculative asset.
Piyush Gupta, chief executive of DBS, stated that the bank has less than 1000 members using digital exchanges.
Gupta stated that the bank’s cryptocurrency services will soon be available for DBS’s 300,000. Clients in Asia include private banks, accredited investors and other exchanges.
DBS Bank’s digital exchange was launched in December 2020. It serves family offices and institutional investors.
According to The Financial Times, DBS’ brokerage unit received a license for cryptocurrency from the Monetary Authority of Singapore and has allowed less than 1000 wealthy clients access its digital currency through invitation.
DBS Bank announced in February plans to expand their business. Exchange of cryptocurrency Beyond its existing institutional client base, it also offers investment opportunities.
Although the bank stated that its focus would be on growing its crypto exchange business by 2022, it suggested that it wouldn’t be able offer digital asset trading to retail investors.
Due to technical difficulties and resistance from regulators, the bank has delayed plans to offer cryptocurrency trading to retail investors.
The multinational bank, which accounts for 90% of all cryptocurrency trading activity, said that its bitcoin trading volume increased more than twice in June compared to the global downturn in digital assets.
Image source: Shutterstock
