• 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. 

Also read: XRP price: Active whales continue XRP accumulation powered by optimism of likely Ripple win

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. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Bitcoin remains sideways despite record BTC ETF inflows

Why Bitcoin remains sideways despite record BTC ETF inflows

Bitcoin's relative range-bound movement in the past few months, despite record net inflows of $12 billion across spot Bitcoin ETFs, has sparked worry among investors. Many analysts predicted a highly bullish outlook for Bitcoin when the ETFs launched.

More Bitcoin News

UwU Lend offers bounty reward to uncover its exploiter

UwU Lend offers bounty reward to uncover its exploiter

In a Thursday broadcast, UwU Lend consents to a $5 million bounty reward in ETH to whoever discovers the identity of the hacker(s) who breached their protocol. The DeFi protocol has reportedly suffered another breach, which cost $3.72 million.

More Cryptocurrencies News

AAVE price tumbles 20% in 2024 despite doubling its total value locked

AAVE price tumbles 20% in 2024 despite doubling its total value locked

AAVE, a decentralized crypto lending platform, has noted a massive spike in the total value of assets locked (TVL). Rising TVL is considered indicative of higher relevance among market participants and trust in the platform. 

More Aave News

SEC Chair says Ethereum ETF S-1 approvals likely to come over the summer

SEC Chair says Ethereum ETF S-1 approvals likely to come over the summer

Ethereum was down nearly 5% on Thursday as SEC Chair Gary Gensler suggested spot ETH ETFs will likely receive approval over the course of the summer. The update was accompanied by mixed sentiment from derivatives traders.

More Ethereum News

Bitcoin: Is BTC ready for a new all-time high?

Bitcoin: Is BTC ready for a new all-time high?

Bitcoin whales have increased buying activity to the highest level in two months. Investors show no signs of FOMO despite BTC’s recent tussle with the  $70,000 mark. US spot Bitcoin ETFs experienced a notable uptick in activity, reflecting growing market interest.

Read full analysis

BTC

ETH

XRP