DBS Bank plans to launch cryptocurrency trading services for individuals by the end of 2022
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Answer DBS Bank plans to launch cryptocurrency trading services for individuals by the end of 2022
The CEO of “DBS” revealed today, Monday, in the company’s quarterly report, that the “DBS” company, which is based in Singapore, is studying the possibility of expanding its private cryptocurrency trading services for individual clients by the end of this year.
Currently, the bank’s crypto services are limited to institutional customers only.
DBS CEO Piyush Gupta added:
We have started the initial work to expand it beyond the current investor base.
Lots of work on fit and anti-fraud…we should have something by the end of the year.
Despite the positive statements on the crypto market, the details of the retail cryptocurrency trading services that the bank will offer are still unknown.Read:Swiss bank “Valliance” has teamed up with “Bakkt” to give customers exposure to cryptocurrency
DBS has become one of the first major lenders of cryptocurrency to institutions and has been providing crypto trading services to institutional clients since early 2021.
However, this is still an outdated approach as customers need to contact the bank to place an order for cryptocurrency trading.
The bank is initially focusing on digitizing its services to make them more accessible in the first half of this year.
DBS Bank’s focus on cryptocurrency can also be seen as it has made cryptocurrency trading services available 24/7.
Initially, the services were only available during banking hours in Singapore.
High demand on the crypto market:
The demand for crypto services offered by DBS has increased since its launch.
In an interview conducted by Coindesk with the CEO of DBS Digital Exchange (DDEx), Lionel Lim revealed that the exchange handled $819 million in annual trading volume in 2021, of which $595.5 million came from the cryptocurrency sector that was traded. In the last quarter of last year.
Overall, the bank also generated total profit of $1.03 billion for the fourth quarter of the year, an increase of 37%.Read:FTX Collapse Good for Bitcoin Long-Term, Santiment Analysis
Meanwhile, DBS made more bets in the decentralization ecosystem and launched blockchain bonds last year.
It has also partnered with JPMorgan to develop a blockchain-based cross-border payments platform.
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