DBS Bank Expands Crypto Services Access to Customers
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- The bank recently partnered with The Sandbox, a metaversal platform.
- One effect of this change is to encourage wealthy people in Singapore.
DBS Digital Exchange, a members-only platform, has expanded its crypto trading services. The bank announced the increase on Friday, citing an increase in the number of customers. Who chooses self-directed investment strategies as the reason for moving.
Assuming a minimum commitment of $500, this service is available to approximately 100,000 authorized investors and customers of the bank. It is important to note that this service was previously only available to corporate and institutional investors, family offices and customers of DBS Private Bank and DBS Treasures Private Client.
An increase in business
A recent article revealed that transaction volume on the DBS Digital Exchange had more than quadrupled between April and the end of June, while the amount of Bitcoin bought on the exchange had more than quadrupled. The amount of Ethereum purchased increased by 65% in the same period.
One positive effect of this change is that wealthy people in Singapore are starting to use cryptocurrencies. The flip side of the coin is that the authorities in the southeastern country are considering imposing new restrictions on retail operators. Retail sales of cryptocurrencies like Bitcoin may soon face new “frictions” from the Monetary Authority of Singapore. The same may apply to customer suitability assessments and any efforts to limit the use of leverage and credit limits in cryptocurrency trading.
The Singaporean financial world has also been in the spotlight recently. They just made an alliance with The Sandbox, a metaversal platform. The aim of the cooperation is to offer innovative online services to DBS’s customers.
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