Singapore's largest bank supports crypto trading for wealthy customers
DBS, Singapore's leading bank, has started offering crypto-related services on its limited members exchange.
According to Bloomberg , Singapore's DBS Bank will open a cryptocurrency trading service through its platform exclusively to select customers. DBS representative said this move is to satisfy the needs of many customers who want to manage their own investment activities.
Specifically, customers with total assets of 240,000 USD or more on DBS will be able to participate in buying and selling Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and XRP on DBS Digital. Exchange, a crypto trading platform developed by the bank, with a minimum investment of 500 USD.
DBS said that up to 100,000 individual customers of the bank are satisfied with the above conditions. Crypto trading services were previously only supported for institutional and corporate investors.
The exchange representative further revealed that from April 2022 to June 2022, the transaction volume on DBS Digital Exchange has doubled, while the number of Bitcoins purchased has even quadrupled.
Even so, the Singapore government is said to be moving to clamp down on crypto investment following the LUNA-UST crash in May and the overall market decline since then. Singapore is also home to many major crypto organizations, including Terraform Labs itself and the Three Arrows Capital fund, but the lion island government has disclaimed responsibility for these two names due to insufficient management. .
Recent times have also witnessed the emergence of the trend that many traditional financial companies support crypto trading for large institutional clients, typically including BlackRock, Fidelity and NASDAQ.
Sep 23, 2022