Singapore's Largest Bank DBS Sees Rapid Growth in Crypto Business, Robust Demand from Investors - Exchanges

DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very quickly.” The bank's digital asset trading platform expects the number of members to double by the end of the year.

Singapore's DBS expects significant growth in the crypto business

DBS executives said in an interview published by Reuters on Monday that the bank was seeing robust demand from corporate investors, accredited individuals and investment firms that manage assets of wealthy families.

The executives added that the bank expects the number of members trading on its cryptocurrency exchange to double by the end of December and grow 20-30% annually over the next three years.

Eng-Kwok Seat Moey, Head of Capital Markets at DBS and Chairman of the exchange, commented:

We are growing very quickly. Investors are gradually exploring cryptocurrencies and digital assets.

The Bank started its crypto trading platform DBS Digital Exchange in December as a member-only exchange. It currently offers trading services between four fiat currencies (SGD, USD, HKD and JPY) and four cryptocurrencies: Bitcoin ( BTC ), Bitcoin Cash ( BCH ), ether ( ETH ), and XRP, its website details.

Kwee Juan Han, Group Head of Strategy and Planning at DBS, said: “Our goal was to create a platform that can serve the entire digital asset value chain, from transaction generation to tokenization, listing, trading and custody – all within a trusted and regulated banking franchise.”

After the IPO, the bank ran its first Security token offering on its crypto exchange in June after launching a Trust service for crypto in May. In August, DBS said it was expanding its crypto business to “ growing need from investors.

DBS Digital Exchange claims to be the world's only full-service bank-backed digital exchange offering cryptocurrency trading, asset tokenization and digital custody services.

Ganesh Viswanath-Natraj, Assistant Professor of Finance at Warwick Business School in the UK, was quoted by the news agency as saying:

Mainstream banks help create an environment where settlement risk is minimal and there are provisions for the custody of user deposits and security of transactions.

What do you think of DBS' fast-growing crypto services? Let us know in the comments section below.

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