The implementation of the cryptocurrency trading capability coincides with an increase in self-directed choices among DBS wealth clients, who presently conduct the majority of their transactions online.
Accredited premium clients can trade four of the more well-known cryptocurrencies on its digital exchange by making investments starting at a minimum of USD 500: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and XRP (DDEx).
According to Singapore's largest bank, “having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.”
When asked about the most recent action, a senior executive of the DBS stated that it will benefit their clients in increasing and safeguarding their wealth. Group Executive for Consumer Banking and Wealth Management at DBS Bank, Sim S. Lim, stated:
“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.”
The DBS digital asset ecosystem will provide services to about 100,000 clients in Singapore.
The Monetary Authority of Singapore (MAS) granted DBS a cryptocurrency license last year after the company had built a digital exchange almost two years prior.
Several cryptocurrency or digital exchanges, including Celsius and Three Arrow Capital, have filed bankruptcy due to the unpredictable climate and decline in the cryptocurrency industry (3AC). To meet local regulatory and compliance requirements, Singaporean officials are stepping up their oversight of companies that deal in digital assets. A recent ban on cryptocurrency ads at F1 racing sporting events was issued by the Monetary Authority of Singapore (MAS).
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