Amid Bear Market, Singapore’s Largest Bank To Expand Crypto Services
Despite the bear market in cryptocurrencies, Singapore’s largest bank says it still intends to expand its digital exchange and provide services to its 300,000 high-net-worth customers in Asia.
In particular, DBS intends to add these clients to its current digital asset market, which has close to 1,000 users. Private banks, accredited investors, and other exchanges make up the bank’s targeted clientele in Asia, and they may all manage funds through the bank’s mobile application. DBS now intends to update its app, enabling clients to manage digital assets as well.
According to the article, DBS did in fact claim that an improved version of the software will streamline the procedure and provide the necessary scalability to accommodate a larger user base.
The bank’s CEO, Piyush Gupta, indicated that the need for consumer protections caused the bank to decide to expand its infrastructure, which was affected by the market downturn. Instead of start-up businesses, according to DBS, the ecosystem requires established, regulated institutions that offer additional services.
“On the one hand, we want to be a global crypto hub, Also, we’re also very worried about our domestic population getting burned with this speculative asset class.” Gupta added
Gupta concluded his comments by sharing that the bank’s exchange has seen a doubling of transactions this year from April to June. Even more impressive, bitcoin transactions have quadrupled in the same time period.
Before DBS opened its own exchange, $1 billion had already left the bank and been transferred to international cryptocurrency exchanges owned by firms like Genesis and Binance, according to Gupta. He said that trusting businesses like DBS, which could set up “guardrails” and safeguards, would result in “better outcomes”.
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. DBS Digital Exchange is backed by leading Asian financial services group, DBS Bank, which has decades of extensive experience in capital markets and providing secure custodial services.
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