Singapore's largest bank rolls out crypto trading to 100,000 users
- Development Bank of Singapore DBS has rolled out crypto trading for 100,000 users.
- The crypto trading service was previously limited to corporate clients, family offices and clients of DBS Private bank.
- DBS recently announced a foray in the metaverse through a partnership with Sandbox.
Singapore’s largest bank has rolled out crypto trading services, extending it to 100,000 of the bank’s accredited investors and clients. This is a milestone move since the bank previously offered crypto trading exclusively to corporate clients and family offices.
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DBS extended its crypto trading service to members-only digital exchange
In a statement issued by the Development Bank of Singapore [DBS], the bank stated that its wealthiest clients were increasingly choosing self-directed investment routes. This motivated the bank’s expansion of crypto services.
Around 100,000 of DBS’s qualified clients can now trade Bitcoin, Bitcoin Cash, Ether and XRP. The service is available to these users at a minimum investment of $500. When this service was rolled out to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client the bank witnessed a wide adoption.
Accredited investors in the DBS Treasuries segment require investable assets of approximately $246,000. Investors will now be able to trade tokens including Bitcoin, Bitcoin Cash, Ether, and XRP on DBS Digital Exchange.
It's interesting to note that while banks like DBS are adopting cryptocurrency trade and fostering its adoption among wealthy investors, regulators have restricted the use of leverage and credit facilities in crypto.
The Monetary Authority of Singapore’s moves might encapsulate customer suitability tests and restrict the use of leverage and credit facilities for crypto trading.
In a recent development, Singapore-based banking giant DBS forayed into the metaverse through a partnership with Sandbox, the metaverse platform. Through the partnership, DBS aims to build new crypto-related, metaverse services for clients in a virtual world.
The bank has set its sight on a plot of land to build a metaverse exclusive property named DBS BetterWorld.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
