according to Friday announcement via BloombergIn Singapore, state-owned DBS Bank has expanded its cryptocurrency trading service to more than 100,000 investors associated with DBS Treasures division. DBS clients will trade virtual currencies through the members-only decentralized exchange, DDEx. The service initially allows customers to trade four cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BitcoinCash (BCH), and Ripple (XRP).
Despite the current negative market climate and the tightening policies of the US regulators, the cryptocurrency continues to gain more and more ground in adoption. The benefits and use cases of decentralized technology have attracted government and private sectors globally and pushed them to include cryptocurrencies in their systems. Likewise, Singapore’s leading finance bank, established in 1968, is second to none.
Related reading: GEM Digital to invest $50 million in Mainnet development at ParallelChain Lab
DBS Treasures segment includes wealthy clients with the lowest investment assets of $246,000. In addition, clients in this program will be required to invest an amount of at least $500.
Prior to this latest announcement, the bank had been offering its commercial services to its private, institutional and corporate clients, as well as to clients of DBS Private Bank.
DBS Bank saw crypto transactions double on DDEx
The bank introduced this development a month after the platform recorded a massive increase in transactions on the members-only DDEx exchange. To undermine months of market volatility, the exchange saw a fourfold increase in TRXs in July compared to April.
Speaking about the self-directed investment service, a DBS representative added:
Their possession of cryptocurrencies makes it easy for clients to stay on top of their investments across traditional and alternative asset classes.
Furthermore, one of the bank’s executives went on to say that DBS aims to capture all the advanced investment opportunities available on its platform and “to provide seasoned investors looking to dip their toes into cryptocurrencies a seamless and secure way to do so.”
Cryptocurrency adoption is growing despite the current market climate
DBS Bank initially introduced the private exchange, the DBS Digital Exchange (DDEx), in 2021. Now, after expanding into the DBS digital ecosystem, around 100,000 of its approved clients in Singapore will have access to digital asset trading.
The cryptocurrency market has lost nearly $2 trillion due to the Terra fiasco and the macroeconomic factors that have been restricting the entire industry since May 2022. However, traders do not know if BTC has bottomed out now. But institutional interest is constantly growing in digital assets.
Related reading: Tornado Cash News: GitHub Repository Back Up, The Lawsuit, The Hole It Left
In August, DBS also won the license “in principle” from the Monetary Authority of Singapore (MAS). The financial platform enables cryptocurrency trading services to be operated in the state in line with the Payment Service Act.
DB . Bank pointed in time;
We are pleased to see steady progress in our digital asset ecosystem in the six months since the launch of DDEx last year. We have seen a lot of interest among asset managers and companies to access digital payment token services.
Featured image from Pixabay and chart from TradingView.com
#Singapores #DBS #Bank #Expands #Cryptocurrency #Trading #Service #Customers