Singapore-based banking giant DBS announced on Friday that it has launched cryptocurrency trading through Digibank. This will allow accredited investors to trade his four cryptocurrencies on digital exchanges.
In addition to most transactions currently being conducted digitally. The launch of the cryptocurrency trading capability comes at a time when DBS’s high net worth clients are increasingly choosing a voluntary option.
To Invest Qualified Premium Clients start with a minimum investment of USD 500, Bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH), XRP and its digital exchange (DDEx).
“Cryptocurrency holdings make it easier for clients to manage their investments across traditional and alternative asset classes,” said Singapore’s largest bank.
Commenting on the latest move, a senior DBS executive said the move helps protect the growth and wealth of its customers. Sim S. Lim, Executive in his Consumer Banking and Wealth Management Group at DBS Bank, said:
“We believe in staying ahead of the curve and providing access to the solutions they seek. It’s another step in our commitment to providing a seamless and secure method.”
Nearly 100,000 clients in Singapore will now have access to the services provided by DBS’ digital asset ecosystem.
Crypto trading on DDEX was initially limited to “corporations and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client,” according to a statement. Accredited investors are also available.
DBS established a digital exchange about two years ago and obtained a cryptocurrency license from the Monetary Authority of Singapore (MAS) last year.
In a volatile environment and a sluggish crypto market, Celsius and Three Arrow Capital (3AC). Singapore regulators are stepping up their oversight of digital asset companies to meet local regulatory and compliance needs. Recently, the Monetary Authority of Singapore (trout) forbidden ciphers advertisement Announced at F1 racing sporting event.
Image Source: Shutterstock, DBS