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Bitcoin and Ethereum offered by Singapore’s largest bank

Bitcoin and Ethereum offered by Singapore’s largest bank

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  • Previously, only “corporate and institutional investors, family offices and DBS Private Bank and DBS Treasures Private Clients” could use the mobile app to manage their funds.
  • For now, the updated version of the app would help customers manage their digital assets.

Singapore’s largest bank, DBS Group Holdings Ltd, has reportedly expanded access to crypto trading services on a members-only digital exchange. This means that investors in the DBS Treasures segment would be able to trade Bitcoin, Ethereum, Bitcoin Cash and XRP on their exchange. It is important to note that investors are required to have $246,000 in investable assets to qualify for the Treasures segment.

Previously, only “corporate and institutional investors, family offices and DBS Private Bank and DBS Treasures Private Clients” could use the mobile app to manage their funds. So far, the updated version of the app, which would help customers manage their digital assets, has been tweaked to be less clunky. In addition, scalability has been improved to accommodate more users.

In a statement, the bank’s CEO Piyush Gupta mentioned that the bank believes the ecosystem needs an established and regulated institution that offers more services compared to startups.

On the other hand, we want to be a global crypto center. On the other hand, we are also very concerned about our domestic population being burned by this speculative asset class.

He also revealed that the bank’s decision to expand its infrastructure to protect consumers is due to the recent downward trend in the market.

The DBS expansion comes after Singapore’s Bitcoin trading restrictions

After recent updates, about 100,000 of the bank’s customers would be able to deposit at least $500 when using the services. The bank has recorded incredible numbers since the introduction of crypto. According to reports, the stock exchange’s total trade doubled in April-June. Interestingly, the number of Bitcoin purchases increased by almost 400 percent.

The decision to expand the availability of the crypto service is due to the changing preference of the bank’s wealthy customers for self-directed investment routes. This is according to the DBS.

The Monetary Authority of Singapore (MAS) recently issued a statement restricting retail investors from using leverage and credit lines to trade crypto. According to CEO Ravi Menon, many people are rationally unaware of the risk.

In the seminar “Yes to Digital Asset Innovation, No to Cryptocurrency Speculation,” Menon mentioned that the limitless nature of cryptocurrencies would make digital asset prohibition unworkable.

There is now a greater push among global regulators to improve regulation in this area. MAS does that too.

According to him, crypto is very dangerous for investors, and due to its volatility, it is not suitable to be recognized as money. However, he acknowledged that tokenization and distributed ledgers have economic potential.



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