Singapore’s largest bank, DBS, sees rapid growth in crypto business and strong investor demand – Bitcoin exchanges News

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Singapore and Southeast Asia’s largest bank, DBS Group Holdings, says its crypto business “is growing very rapidly.” The bank’s digital asset trading platform plans to double membership by the end of the year.

Singapore’s DBS Expects Substantial Growth in Crypto Business

Senior DBS executives said in an interview, published by Reuters on Monday, that the bank is seeing strong demand from private investors, accredited individuals and investment firms who manage the assets of wealthy families.

Executives added that the bank expects the number of members trading on its cryptocurrency exchange to double by the end of December and increase by 20 to 30% per year over the three coming years.

Eng-Kwok Seat Moey, Head of Capital Markets at DBS and Chairman of the Exchange, said:

We are growing very quickly. Investors are gradually exploring cryptocurrencies and digital assets.

The bank launched its crypto trading platform, DBS Digital Exchange, in December as a members-only exchange. 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, the details of its website. .

Kwee Juan Han, Head of Strategy and Planning, DBS Group, said, “Our goal was to create a platform that could serve the entire digital asset value chain, from transaction origination to tokenization, through listing, trading and custody, all within a framework of trust. and regulated banking franchises.

After the exchange launched, the bank presented its first security token offering on its crypto exchange in June after launching a trusted service for crypto in May. In August, DBS said it was expanding its crypto business to meet “growing demand” from investors.

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

Ganesh Viswanath-Natraj, Assistant Professor of Finance at Warwick Business School in Britain, said:

Having traditional banks helps foster an environment in which settlement risk is minimal and safeguards are in place for the safekeeping of user deposits and the security of transactions.

What do you think of DBS’s rapidly growing crypto services? Let us know in the comments section below.

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