DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very quickly”. The bank’s digital assets trading platform expects its membership to double by the end of the year.
Singapore’s DBS expects significant growth in the crypto business
DBS executives said in an interview published Monday by Reuters that the bank is seeing robust demand from corporate investors, accredited individuals and investment firms managing wealthy families’ assets.
Executives added that the bank expects the number of members trading on its cryptocurrency exchange to double by the end of December and grow by 20-30% annually for the next three years.
Eng-Kwok Seat Moey, Head of Capital Markets at DBS and Chairman of the Exchange, commented:
We are growing very quickly. Investors are gradually exploring cryptocurrencies and digital assets.
The bank started its crypto trading platform DBS Digital Exchange in December as a pure member exchange. It currently offers trading services between four fiat currencies (SGD, USD, HKD and JPY) and four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and XRP, website details.
Kwee Juan Han, Group Head of Strategy and Planning at DBS, said: “Our goal was to create a platform that could serve the entire digital asset value chain, from transaction generation to tokenization, listing, trading and custody – all within a trustworthy and regulated bank franchise. “
After going public, the bank launched its first security token offering on its crypto exchange in June after launching an escrow service for crypto in May. In August, DBS said it is expanding its crypto business to meet “growing demand” from investors.
DBS Digital Exchange claims to be the world’s only full-service bank-powered digital exchange offering cryptocurrency trading, asset tokenization, and digital custody services.
Ganesh Viswanath-Natraj, Assistant Professor of Finance at Warwick Business School in the UK, was quoted by the news agency as saying:
Mainstream banks help create an environment in which settlement risk is minimal and there are provisions for the safekeeping of user deposits and the security of transactions.
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