- Development Bank of Singapore DBS rolled out crypto trading for 100,000 users.
- The crypto trading service was previously limited to corporate clients, family offices and DBS private banking clients.
- DBS recently announced a foray into the metaverse through a partnership with Sandbox.
Singapore’s largest bank has rolled out crypto-trading services, extending them to 100,000 of the bank’s accredited investors and customers. This is a significant milestone as the bank previously offered crypto trading exclusively to corporate clients and family offices.
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DBS has extended its crypto trading service to the members-only digital exchange
In a statement released by the Development Bank of Singapore [DBS], the bank said its wealthier clients are increasingly choosing self-directed investment avenues. This motivated the expansion of the bank’s cryptocurrency services.
Around 100,000 qualified DBS customers can now trade Bitcoin, Bitcoin Cash, Ether, and XRP. The service is available to these users with a minimum investment of $500. When this service was rolled out to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client, the bank was widely adopted.
Accredited investors in the DBS Treasuries segment require investable assets of approximately $246,000. Investors will now be able to trade tokens including Bitcoin, Bitcoin Cash, Ether, and XRP on DBS Digital Exchange.
Interestingly, while banks like DBS are embracing cryptocurrency trading and encouraging its adoption by wealthy investors, regulators have restricted the use of leverage and credit facilities in the crypto.
The measures taken by the Monetary Authority of Singapore could encapsulate customer suitability testing and restrict the use of leverage and credit facilities for crypto trading.
In a recent development, Singapore-based banking giant DBS has made a foray into the metaverse through a partnership with Sandbox, the metaverse platform. Through this partnership, DBS aims to create new cryptocurrency-related metaverse services for customers in a virtual world.
The bank has set its sights on land to build an exclusive metaverse property named DBS BetterWorld.