DBS private bank offers cryptoexchange
DBS Bank Ltd is a Singaporean multinational banking and financial corporation who officially announced on 14 may its cryptocurrency trust service even to the wealthiest clients as the demand for digital currencies increases.
Southeast Asia’s largest bank has launched a cryptoexchange for authorized investors. This offering will allow private banking customers and clients to invest, customize and manage their Assets in safe a and secured environment. This service is only applicable to cryptocurrencies on digital exchange which includes Bitcoin, Bitcoin cash, Ether and XRP. As of the first quarter, DBS’s digital exchange held S$80 million ($60 million) in assets under custody.
DBS also says that cryptocurrency trading volumes on its exchange have grown 10 times to around $30 million to $40 million. The bank is also cooperating with JPMorgan on a blockchain settlement platform and plans to launch its first security token offering in the second quarter to create a platform to change the way cross-border payments and settlements work, Piyush Gupta, DBS group CEO has revealed.
“Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries,” said Joseph Poon, group head of DBS Private Bank.
The service trust has 120 clients and a lot more to see onboard. traditional banking companies are boosting up their speed for crypto offering as a competition, soar in price and high customer demand especially Business class. UBS Group AG is reportedly in the initial stages of planning to offer crypto investments to wealthy clients. Goldman Sachs Group Inc. and Morgan Stanley are boosting their crypto offerings.
DBS reportedly said that the digital exchange is working on efforts to conduct its first security token offering, and to broaden operating hours from Asian time zones to round-the-clock.