Last Friday, DBS, the largest bank in Singapore and indeed all of Southeast Asia, announced that it will offer trading services for cryptocurrencies to customers. Singapore has long been known as a country that welcomes crypto adoption.
We have rolled out self-directed crypto trading via DBS digibank, enabling wealth clients who are accredited investors to conveniently trade cryptocurrencies on DDEx, one of the world’s first bank-backed digital exchanges. https://t.co/gAG80nh2Q5 #crypto #banking #finance pic.twitter.com/qV44eTcMTT
— DBS Bank (@dbsbank) September 23, 2022
Your own crypto exchange
The bank offered these services before, but they were only available to institutions, companies and a small amount of private investors. The service is now being expanded to more than 100,000 additional DBS customers. The bank developed its own crypto exchange for its customers 6 months ago, called DBS Digital Exchange or DDEx. For the time being, it is only possible to trade bitcoin (BTC), ethereum (ETH), ripple (XRP) and bitcoin cash (BCH).
A month ago, DBS observed increased activity on its own crypto exchange. Despite the high volatility of recent months, there were 4 times as many trades made in July compared to April. According to a representative of DBS, it is attractive for customers to monitor their own crypto holdings. One of the bank’s chairmen said the following:
“At DBS, we strive to make all advanced investment opportunities available on our platform. We let experienced investors explore the crypto sector seamlessly and safely.”
DBS is one of the leading banks worldwide when it comes to crypto adoption. Earlier this month, the bank announced that the country had purchased in the metaverse. The bank did this in collaboration with The Sandbox, a metaverse gaming platform.
According to DBS director Piyush Gupta, digital developments have the potential to change the fundamentals of banks. He explained the progressive activity of DBS:
“In the coming years, technologies such as artificial intelligence and blockchain could become very radical. The metaverse, although still in its infancy, can fundamentally change the relationship between banks and customers.”
Despite the evaporation of more than USD 2 trillion since November 2021 within the crypto sector, institutional interest in crypto still seems to be increasing. The developments at DBS are just one of many examples of institutional adoption of crypto in recent months.