DBS Group Holdings Ltd. DDEx has opened its cryptocurrency trading services on digital exchange to another 100,000 of its wealthiest clients.
The bank will allow accredited customers with at least $246,000 in investable assets to buy, sell and trade several cryptocurrencies, including Bitcoin. Crypto traders must invest at least $500. Trading facilities are available on the DBS DigiBank app.
“As a trusted partner helping our clients grow and protect their wealth, we believe in staying one step ahead and giving them access to the solutions they seek. Expanding access to DDEx is another step in our efforts to provide a transparent and secure way for sophisticated investors to dive into cryptocurrencies,” said Sim S. Lim, Director of Consumer Banking and Wealth Management Group at DBS Bank. .
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The announcement marks the second major expansion of the eligible customer base, following the bank’s previous announcement about two weeks ago that it would begin offering crypto trading services to its 300,000 wealthy Asian customers, including private banks, accredited investors and other exchanges and funds. Earlier, the exchange had around 1,000 qualified traders.
Since receiving approval from the Monetary Authority of Singapore to operate a crypto exchange, DBS Vickers, the brokerage arm of DBS Bank that operates the exchange, has seen a steady increase in business activity. Transaction volume doubled between April 2022 and June 2022, Bitcoin volume quadrupled.
Banks demand institutional-grade custody infrastructure
Accredited investors can trade Bitcoin, Bitcoin Cash, Ethereum and XRP on DDEx. Customers can view their crypto holdings and other assets in their portfolio on the DigiBank platform.
According to DBS Bank, customers’ crypto assets will be protected by “institutional grade” custody, which stores assets in cold storage and is protected by multiple layers of security.
Client funds will be debited directly when they transact cryptocurrency, eliminating the need for stablecoins by acting as a bridge between the crypto and fiat worlds.
Singapore’s Crypto Approach: Hands-Free, Retail Investors
The Monetary Authority of Singapore previously warned retail investors against trading cryptocurrencies and banned crypto advertising to the general public in January 2022. Evidence of this can be seen at the upcoming Formula 1 Singapore Grand Prix scheduled for September 30, 2022, when Crypto.com will be forced to remove public billboards during the race.
“MAS strongly encourages the development of blockchain technology and the innovative application of cryptographic tokens in value-added areas,” MAS Deputy Managing Director (Policy, Payments and Financial Crimes) said at the time. Lu Siu Ye. “But cryptocurrency trading is very risky and not suitable for ordinary people.”
The agency has been criticized for positioning Singapore as a fintech and distributed ledger technology destination while simultaneously creating bureaucratic hurdles for companies wishing to establish crypto businesses in the country.
He expressed support for the tokenization of traditional financial assets such as cash, bonds, artwork, and real estate.
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