As per Friday’s announcement through Bloomberg, Singapore state-owned DBS Bank has expanded its crypto trading service to more its 100,000 investors linked with its DBS Treasures section. The DBS’ clients will trade virtual currencies through its member-only decentralized exchange, DDEx. The service initially allows customers to trade four top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BitcoinCash (BCH), and Ripple (XRP).
Despite the current negative market climate and U.S. regulators’ tightening policies, cryptocurrency continues to gain more and more ground in adoption. The benefits and use cases of decentralized technology have been attracting the government and private sectors globally and pushed them to include digital currencies in their systems. Likewise, Singapore’s leading financing bank, established in 1968, remains second to none.
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The Treasures segment of DBS includes wealthy clients with the least investable asset of $246,000. In addition, clients in this program will be required to invest a minimum sum of $500.
Prior to this latest announcement, the bank was offering its trading services to its DBS Treasures Private Clients, Institutions, and Corporates, as well as clients of DBS Private Bank.
DBS Bank Saw Crypto Transactions Quardrupling On DDEx
The bank brought this development a month after the platform recorded a massive increase in transactions on its members-only exchange DDEx. Undermining the market volatility that lasted for months, the exchange saw a four times increase in the TRXs in July compared to April.
While talking about the self-directed investment service, a representative of DBS bank added;
Having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.
Moreover, one of the bank’s executives went on to say that DBS aims to have all the advanced investment opportunities available on its platform and “provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”
Crypto Adoption Grows Despite Current Market Climate
The DBS Bank initially introduced its private exchange, DBS Digital Exchange (DDEx), in 2021. And now, after the expansion of the DBS digital ecosystem, around 100,000 of its accredited clients in Singapore will be able to access digital assets trading.
The crypto market has nearly lost over $2 trillion due to the Terra fiasco and macroeconomic factors shackling the whole industry since May 2022. Still, traders have no idea whether BTC is bottoming out now. But the institutional interest keeps growing in digital assets.
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In August, the DBS Bank also won the “in principle” license from the Monetary Authority of Singapore (MAS). It enables the financial platform to operate crypto trading services in the state in line with the Payment Service Act.
DBS Bank noted at the time;
We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year. We have seen keen interest among asset managers and corporates for access to digital payment token services.
Featured image from Pixabay and chart from TradingView.com