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Singapore’s DBS Bank Expands Its Crypto Trading Service for Wealthy Investors –

Singapore’s DBS Bank Expands Its Crypto Trading Service for Wealthy Investors –

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DBS Bank, Singapore’s largest lender, has announced that in addition to its Bitcoin (BTC) trading product for accredited investors, its wealth clients can now trade Ether, XRP and Bitcoin Cash directly on its DDEx exchange for members. According to reports dated September 23, 2022.

DBS adds support for more crypto settings

The Development Bank of Singapore (DBS), a multinational banking and financial services company founded in 1968, has announced the launch of a self-directed digital asset trading service to enable its accredited clients to trade more digital assets.

According to sources close to the matter, DBS has made it clear that its wealth clients can now trade a total of four established digital currencies: BTC, ETH, XRP and BCH on its member-only digital exchange DDEx.

The company says the service will initially be available to about 100,000 investors in its DBS Treasures segment, which requires S$350,000 ($246,000) in investable assets. These investors can trade the supported tokens with a minimum investment amount of USD 500 (S$710).

DBS’s now expanded self-directed crypto trading service was previously only available to the bank’s institutional investors, family offices, and DBS Private Bank and DBS Treasures Private Clients.

In addition to allowing DBS’s accredited clients to trade digital assets, the DDEx platform allows institutions to raise funds through Security Token Offers (STOs) on the platform.

Crypto adoption on the rise despite the market slump

Although gloomy market conditions have wiped more than $2 trillion from the crypto market cap since May 2022, and no one can say for sure whether Bitcoin (BTC) has finally bottomed out, institutional investor interest in the digital asset remains.

In August 2022, DBS Bank received a regulatory license “in principle” from the Monetary Authority of Singapore (MAS) to offer crypto trading services under the country’s Payment Services Act.

“We are pleased to have made steady progress in our digital asset ecosystem in the six months since the launch of DDEX last year. We have seen great interest among asset managers and companies in the availability of digital payment token services,” DBS said at the time.

Last month, DBS Bank revealed that BTC trading on its DDEx crypto platform quadrupled in June compared to April, with buy orders accounting for 90 percent of all trades.

22 September 2022 reported that 97-year-old Japanese financial institution Nomura has established a new subsidiary called Laser VC to focus on digital asset services such as secondary trading, investing in crypto-focused projects and more.

Similarly, JPMorgan’s Global Head of Payments Takis Georgakopoulos stated this week that while demand for the bank’s crypto payment service has dropped significantly since April, it continues to support crypto.

At press time, the global cryptocurrency market cap is $926.70 billion and BTC trades at around $18,989.

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