Singapore’s largest bank launches a self-managed crypto desk for accredited investors

Singapore’s largest bank launches a self-managed crypto desk for accredited investors
Singapore’s largest bank launches a self-managed crypto desk for accredited investors

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(Kitco News) – DBS Group Holdings Ltd., Singapore’s largest bank, has announced the launch of a new self-managed crypto trading service for accredited investors, enabling them to trade crypto on DDEx, one of the world’s first bank-backed digital exchanges.

Prior to this development, crypto trading on DDEx was only available to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client.

Now accredited investors in the country can also access the crypto trading desk. It is estimated that 100,000 investors in Singapore meet this requirement.

According to DBS, the launch of the new crypto trading feature comes as DBS wealth clients “increasingly opt for self-managed options, with nine out of 10 share transactions conducted digitally today.”

Despite only accredited investors being allowed, the minimum investment required is only $500 and the cryptocurrencies available include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and XRP.

DBS stressed that client security is one of its key focuses, with all client trades taking place “within a secure closed-loop environment operated by DBS.” At the same time, its institutional storage solution uses “100% air-gapped cold storage technology with a multi-layered security architecture to address cybersecurity risks.”

With the addition of crypto trading services, wealth clients at DBS have access to the full range of asset classes – including stocks, bonds, foreign exchange and now cryptocurrencies – allowing them to have a consolidated view of all their investments in one place.

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“By understanding their portfolio in its entirety, clients are thus better positioned to monitor and manage their wealth, and make more informed decisions,” DBS said in its announcement.

“As a trusted partner helping our clients grow and protect their wealth, we believe in being at the forefront and providing access to the solutions they seek,” Sim S. Lim, Group CEO, Consumer Banking and Wealth Management at DBS Bank, said in a statement. “Expanding access to DDEx is another step in our efforts to provide sophisticated investors looking to dip their toes into cryptocurrencies with a seamless and secure way to do so.”

DBS has been working on launching crypto trading services for institutional investors since it first announced the opportunity in 2020. Earlier in 2022, the bank revealed that its digital asset trading desk for retail clients will launch by the end of 2022.

The bank is also working on upgrading various aspects of the platform to make the user experience more pleasant, such as digitizing the onboarding process, which is expected to take place in 2023.

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