Singapore-based banking giant DBS announced Friday that it has launched crypto trading through its digibank, enabling accredited investors to trade four cryptocurrencies on its digital exchange.
The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options, with 9 out of 10 equity transactions executed digitally currently.
By investing from a minimum investment of USD 500, accredited premium clients can trade four of the more established cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP on its digital exchange (DDEx).
The largest bank in Singapore said “having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.”
Senionr executive of the DBS, commented about the latest movement, and said this move would help their clients to grow and protect their wealth. Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank, said:
“We believe in staying ahead of the curve and providing access to the solutions they seek. 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.”
DBS established digital exchange around two years ago and received a cryptocurrency license from the Monetary Authority of Singapore (MAS) last year. Per the statement, crypto trading on DDEX was initially “limited to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client only,“
The latest service would also be available to accredited investors in its Treasures segment. DBS said around 100,000 of their clients in Singapore will be able to access the services offered by DBS’ digital asset ecosystem.
Image source: Shutterstock, DBS