DBS Group Holdings Ltd. opened its cryptocurrency trading services on its DDEx digital exchange to another 100,000 of its most affluent clientele.
The bank will allow accredited customers with at least $246,000 in investable assets to buy, sell, and trade a few cryptocurrencies, including bitcoin. Crypto traders must invest at least $500. The trading facility will be available on the DBS digibank app.
“As a trusted partner who helps our clients grow and protect their wealth, we believe in staying one step ahead and giving them access to the solutions they seek. Expanding access to DDEx is another step in our efforts to provide sophisticated investors looking to dive into cryptocurrencies a transparent and secure way to do so,” said Sim S. Lim, Director of the Consumer Banking and Wealth Management group at DBS Bank. .
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The announcement marks the second major expansion of the eligible customer base, following an earlier announcement by the bank about two weeks ago that it would begin offering crypto trading services to 300,000 of its wealthiest Asian customers, including private banks, accredited investors and other exchanges and funds. . Before that, the exchange had around 1,000 eligible traders.
Since gaining approval from the Monetary Authority of Singapore to operate a crypto exchange, DBS Vickers, the brokerage entity of DBS Bank that runs the exchange, has seen a steady increase in trading activity. . Transaction volumes doubled between April 2022 and June 2022, with bitcoin volume quadrupling.
Bank touts institutional-grade custody infrastructure
Accredited investors can trade bitcoin, bitcoin cash, Ethereum, and XRP on DDEx. Customers can view their crypto holdings and other assets in their portfolio on the digibank platform.
According to DBS Bank, customers’ crypto assets will be protected by “institutional grade” custody, which stores assets in cold storage and is protected by multiple layers of security.
Client funds will be directly debited when they make cryptocurrency transactions, eliminating the need for stablecoins acting as a bridge between the crypto and fiat worlds.
Singapore’s Crypto Approach: Hands-Free, Retail Investors
The Monetary Authority of Singapore previously warned against retail investors trading cryptocurrencies and in January 2022 banned crypto advertisements to the general public. Proof of this will be seen at the upcoming Formula 1 Singapore Grand Prix, scheduled for September 30, 2022, when Crypto.com will be forced to remove public billboards during the race.
“MAS strongly encourages the development of blockchain technology and the innovative application of cryptographic tokens in value-added use cases,” MAS Deputy Managing Director (Policy, Payments and Financial Crime) said at the time. Loo Siew Yee. “But cryptocurrency trading is very risky and not suitable for the general public.”
The agency has been criticized for positioning Singapore as a destination for fintech and distributed ledger technology while simultaneously creating bureaucratic hurdles for companies wishing to establish crypto businesses in the country.
He expressed support for tokenization of traditional financial assets such as cash, bonds, artwork and real estate.
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