DBS Bank Launches Self-directed Crypto Trading
The
largest bank in Southeast Asia, DBS, has launched self-directed cryptocurrency
trading on its app. More customers are now qualified to access the bank’s
digital asset exchange and trade cryptocurrencies, including Bitcoin and Ether.
DBS Introduces Self-directed Crypto Trading
DBS,
the largest bank in Southeast Asia, announced on 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 criterion 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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