DBS Bank will embrace crypto for its premium clients amid market turmoil
Singapore’s renowned bank, DBS, is now planning to expand its crypto services to premier clients across Asia. The wealthy customer circle amounts to around 300,000 in number.
This news comes at a time when the crypto market continues to reel under turmoil.
However, DBS CEO Piyush Gupta is of a different opinion, reflecting that this industry-wide carnage has once again proven that established and regulated financial institutions should opt for crypto services alongside startups that have been more embracing of the industry.
DBS’ brokerage arm has been granted a crypto license by The Monetary Authority of Singapore. This license allowed the bank to offer access to the DBS Digital Exchange to institutional and elite clients by invitation.
The center currently has members around 1,000 in number, but the service will soon be extended to more people through the mobile banking app of DBS Bank.
This move will ensure that 300,000 premium clients of DBS across Asia have access to the service. Not only them, but accredited investors, private banks, exchanges and funds will also gain access through the app.
Development related to DBS Exchange
The exchange will not only make the service available to more customers, but will also make the whole process seamless and fast for users.
Immediately after the decision to launch the crypto exchange, the period between April and June, the total number of trades on the DBS Digital exchange had more than doubled.
The amount of Ethereum sold on the platform increased by 65% and the total volume of Bitcoin traded increased by four times.
DBS is Singapore’s largest bank with $686 billion ($488 billion) in assets as of December 2021. It signed away about $1 billion to start other crypto ventures before deciding to launch one of its own.
Offering crypto can supposedly get better results
According to Gupta, well-established, regulated financial institutions can offer digital assets, not just startups. He is also of the opinion that these institutions are important enough to establish “railings” that will lead to “better results”.
Gupta also believed that
People look to us to be a pioneer in space and continue to push boundaries.
The plans for DBS in which declared investment group Temasek has a stake of less than 30% came at a time when Singapore is struggling in its quest to become a crypto hub.
Singapore, a country whose economy depends on financial services and trade, believes that only innovation can keep the economy relevant.
In line with the same, MAS CEO Ravi Menon said in the past week that the regulator
would take steps to shield retail investors, but Singapore’s digital asset strategy was actually on the right track.
