Southeast Asia’s Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand – Exchanges Bitcoin News
The biggest financial institution in Southeast Asia, DBS, has launched self-directed cryptocurrency buying and selling by way of its app. Extra clients at the moment are certified to entry the financial institution’s digital asset change and commerce cryptocurrencies, together with bitcoin and ether.
DBS Launches Self-Directed Crypto Trading
DBS, the most important financial institution in Southeast Asia, introduced Friday that it “has rolled out self-directed crypto trading via DBS digibank.” The announcement particulars:
Eligible shoppers can now commerce cryptocurrencies on DBS Digital Alternate (Ddex) by DBS digibank at their comfort.
The DBS digital asset change at the moment helps the buying and selling of 4 cryptocurrencies — bitcoin, bitcoin money, ether, and XRP. Beforehand, crypto buying and selling on the change was restricted to company and institutional buyers, household workplaces, and the financial institution’s personal wealth administration shoppers.
With Friday’s launch, DBS defined:
For a begin, an estimated 100,000 buyers in Singapore meet this standards, and are eligible to entry the companies provided by DBS’ digital property ecosystem.
Sim S. Lim, an government within the financial institution’s Client Banking and Wealth Administration, opined: “Broadening access to Ddex is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”
In August, DBS mentioned that the buying and selling quantity on its digital asset change soared. “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” the financial institution mentioned. The financial institution additionally lately entered the metaverse by partnering with The Sandbox.
DBS Bank Group CEO Piyush Gupta mentioned in March that he doesn’t assume cryptocurrency will change into cash however famous that “it can be an alternative to gold and its value.”
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Kevin Helms
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