Bank With $489B in Assets Explains How Crypto Can Reach the Mainstream Public
The largest bank in Singapore is backing cryptocurrencies and blockchain technology despite regulatory uncertainty and market downturn.
According to a new report from the Financial Times, DBS CEO Piyush Gupta says that the recent drop in cryptocurrency shows the need for regulated financial institutions to offer financial products. digital product.
DBS first launched its cryptocurrency exchange for institutional investors and was accredited at the end of 2020, providing Bitcoin (BTC), Ethereum (ETH) trading services, XRP and Bitcoin Cash (BCH). Earlier this year, Gupta announced plans to further expand its crypto offerings.
Now, Gupta says financially regulated institutions can help make cryptocurrency accessible to the masses.
“You can also try and create frameworks and processes to make these things affordable to everyone instead of having a regulatory space and a cowboy space and letting people to cowboy space”.
Nizam Ismail, founder of digital space consulting group Ethikom Consultancy, said the volatility of cryptocurrencies makes it difficult for most people to fully appreciate the dangers of investing until when it's too late.
“Actually, crypto is highly volatile and it basically has to go down for people to understand the risk…”
Gupta said his clients are likely to be “burned out” “because a crypto drop is the main concern.
“On the one hand, we want to be a global crypto hub. On the other hand, we are also very worried about the domestic population being burned by this speculative asset class. "
Sep 07, 2022