Singapore’s Largest Bank Expands Its Cryptocurrency Clientelle
- The DBS Digital Exchange platform is made more widely available by the bank.
- Qualified clients can trade , , Ether and .
- The move comes amid mounting regulatory tensions in Singapore
The largest bank in Singapore, DBS Group (OTC:) Holdings Ltd., is reportedly welcoming new customers to its exclusive member cryptocurrency trading service. The press release says the move is in response to the growing trend of self-directed investment strategies among the bank’s wealthy clients.
DBS Digital Exchange now supports trading of tokens such as Bitcoin, Bitcoin Cash, Ether and XRP for accredited investors in the DBS Treasures segment, which requires investable assets of S$350,000 ($246,000).
Approximately 100,000 Singapore residents can access the services with a minimum investment amount of $500. Until recently, only corporate and institutional investors, family offices, DBS Private Bank and DBS Treasures Private Client clients could use the service.
As the bank reports, the number of transactions on the digital exchange increased by about four times between April and June and the amount of Bitcoin purchased increased by almost the same amount.
This isn’t DBS’s first pro-crypto gesture in recent months. Piyush Gupta, CEO of DBS since 2009, said earlier this month that the recent decline in the value of cryptocurrencies indicated that established and regulated financial institutions, rather than just startups, should offer products such as digital asset trading to retail investors.
In this regard, Gupta added that DBS should support Singapore’s initiative to develop advanced financial technology.