Fun

Singapore’s Largest Bank DBS Sees Rapid Growth in Crypto Business, Robust Demand From Investors

News Feed - 2021-09-14 09:09:00

Singapore"s Largest Bank DBS Sees Rapid Growth in Crypto Business, Robust Demand From Investors


DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very rapidly.” The bank’s digital asset trading platform expects to double the number of members by year-end. Singapore’s DBS Expects Substantial Growth in Crypto Business


DBS’s senior executives said in an interview, published by Reuters Monday, that the bank is seeing robust demand from corporate investors, accredited individuals, and investment firms that manage assets of wealthy families.


The executives added that the bank expects the number of members trading on its cryptocurrency exchange platform to double by the end of December and grow by 20-30% annually for the next three years.


Eng-Kwok Seat Moey, head of capital markets at DBS and chairperson of the exchange, commented: We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.


The bank launched its crypto trading platform, DBS Digital Exchange, in December as a member-only bourse. It currently offers trading services between four fiat currencies (SGD, USD, HKD, and JPY), and four cryptocurrencies: bitcoin (BTC), bitcoin cash (BCH), ether (ETH), and XRP, its website details.


Kwee Juan Han, DBS’ group head of strategy and planning, opined: “Our aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody – all within a trusted and regulated bank franchise.”


Following the exchange launch, the bank introduced its first security token offering on its crypto exchange in June after launching a trust service for crypto in May. In August, DBS said it is expanding its crypto business to meet “growing demand” from investors.


DBS Digital Exchange claims to be the world’s only bank-backed full-service digital bourse, offering cryptocurrency trading, asset tokenization, and digital custody services.


Ganesh Viswanath-Natraj, assistant professor of finance at Warwick Business School in Britain, was quoted by the news outlet as saying: Having mainstream banks helps foster an environment where settlement risk is minimal and there are safeguards in place for custody of user deposits and security of transactions.


What do you think about DBS rapidly growing crypto services? Let us know in the comments section below. Robinhood Launches Recurring Crypto Buy Feature to "Help Smooth Out Price Swings" EXCHANGES | 4 days ago South African Exchange Sets New Crypto Withdrawal Limits — Restrictions "a Deterrent for Illicit Actors" EXCHANGES | 5 days ago Tags in this story DBS, DBS crypto business, DBS crypto exchange, dbs cryptocurrency exchange, dbs digital asset, Singapore DBS


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Glassnode Finds XRP Is Retail’s Top Pick This Cycle
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
William Suberg32 minutes agoBTC price bounces at 1-week lows as Bitcoin whales sell into $35KBitcoin drops $1,000 in just one hour as a cascade of liquidations greets late Bitcoin long positions.383 Total views4 Total sh
Apple poaches Google AI staff, creates ‘secretive’ laboratory: Report
Savannah Fortis14 hours agoApple poaches Google AI staff, creates ‘secretive’ laboratory: ReportApple has reportedly been luring experts from Google in its efforts to catch up with Big Tech companies in the race to d
Zhiyuan Sun9 hours agoNear Foundation CEO Marieke Flament resignsThe Near Foundation treasury grew to $350 million under Flament"s tenure.1130 Total views14 Total sharesListen to article 0:00NewsJoin us on social network
BitGo Says It’s Now Processing 20% of Bitcoin Transactions
BitGo is processing more than 20 percent of bitcoin transactions, the company said at CoinDesk’s Invest: NYC conference today. The announcement by the crypto custodian and iss
C6 Bank’s Climate Tool to Track CO2 Emissions From Customer Transactions Prompts Debate on Future of Banking
C6 Bank"s Climate Tool to Track CO2 Emissions From Customer Transactions Prompts Debate on Future of Banking On April 13, a C6 Bank customer in Brazil shared screenshots of his onl
Jim Cramer Thanks SEC Chairman for Standing up to ‘Crypto Bullies’ Seeking Spot Bitcoin ETF Approval
Jim Cramer Thanks SEC Chairman for Standing up to "Crypto Bullies" Seeking Spot Bitcoin ETF Approval The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commissi
Algorand Looks to Prove Why Algoracle Is Needed in the Contemporary Blockchain and Crypto Sector
Algorand Looks to Prove Why Algoracle Is Needed in the Contemporary Blockchain and Crypto Sector press release PRESS RELEASE.As the complexity of current dApps (decentralized applic
Dogwifhat leads the market with 13% gain — What’s driving WIF price?
Nancy Lubale30 minutes agoDogwifhat leads the market with 13% gain — What’s driving WIF price?WIF booked a double-digit rebound to outperform memecoins, Bitcoin and altcoins which remain in sell-off mode.143 Total vi
Phemex Mobile App: A One-Stop Shop for All Your Crypto Trading Needs
Phemex Mobile App: A One-Stop Shop for All Your Crypto Trading Needs sponsored As a crypto trader, you have to be on your toes. From checking market conditions to tracking your port
Value Locked in Defi Holds the Line at $50B, After Temporarily Shedding $8B in Mid-March
Value Locked in Defi Holds the Line at $50B, After Temporarily Shedding $8B in Mid-March The total value locked (TVL) in decentralized finance (defi) during the first week of April
Arijit Sarkar11 hours agoOnyx Protocol exploiter begins siphoning $2.1M loot on Tornado CashThe bug the Onyx Protocol hacker exploited to steal $2.1 million was previously used by a hacker to extort $7 million from Hundr