Singapore’s state-owned DBS Bank has expanded its crypto trading service to more than 100,000 investors linked to its DBS Treasures section, according to Friday’s announcement via Bloomberg. DBS customers will trade virtual currencies through its members-only decentralized exchange, DDEx. The service initially allows customers to trade four major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BitcoinCash (BCH), and Ripple (XRP).
Despite the current negative market climate and the tightening policies of US regulators, cryptocurrency continues to gain more and more ground in adoption. The benefits and use cases of decentralized technology have been attracting governments and the private sector globally and pushing them to include digital currencies in their systems. Similarly, Singapore’s premier finance bank, established in 1968, remains second to none.
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DBS’s Treasures segment includes high net worth clients with the least investable asset of $246,000. Also, customers of this program will have to invest a minimum amount of $500.
Prior to this latest announcement, the bank offered its trading services to its DBS Treasures private, institutional and corporate clients, as well as DBS Private Bank clients.
DBS Bank saw crypto transactions split on DDEx
The bank brought this development a month after the platform recorded a massive increase in transactions on its members-only DDEx exchange. Undermining months of market volatility, the exchange saw a four-fold increase in TRX in July compared to April.
While discussing the self-directed investment service, a DBS bank representative added;
Holding their holdings in cryptocurrencies makes it easier for clients to keep track of their investments in traditional and alternative asset classes.
Additionally, one of the bank’s executives went on to say that DBS aims to have all advanced investment opportunities available on its platform and “offer sophisticated investors looking to dive into cryptocurrencies a seamless and secure way to do so. “.
Crypto adoption is growing despite the current market climate
DBS Bank initially introduced its private exchange, DBS Digital Exchange (DDEx), in 2021. And now, following the expansion of the DBS digital ecosystem, around 100,000 of its accredited customers in Singapore will be able to access to the trading of digital assets.
The crypto market has almost lost over $2 trillion due to the Terra fiasco and macroeconomic factors chaining the entire industry since May 2022. Still, traders have no idea if BTC is bottoming out now But institutional interest in digital assets continues to grow.
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In August, DBS Bank also won the “in principle” license from the Monetary Authority of Singapore (MAS). It allows the financial platform to operate crypto trading services in the state in accordance with the Payment Services 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 DDEx last year. We have seen great interest among asset managers and enterprises to access digital payment token services.
Featured image from Pixabay and chart from TradingView.com
