Singapore's largest bank DBS sees fast growth in the crypto business, robust demand from investors - stock exchanges
Singapore's largest bank DBS sees fast growth in the crypto business, robust demand from investors - stock exchanges
DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says that their crypto business "grows very quickly". The trading platform for the bank's digital assets expects the number of members to double by the end of the year.
Singapore DBS expects considerable growth in the crypto business
The leading employees of DBS said in an interview that Reuters published on Monday that the bank recorded a robust demand from company investors, accredited individuals and securities companies that manage wealthy wealthy families.
The managers added that the bank expects the number of members who are on their cryptocurrency exchange to double until the end of December and will grow by 20-30% annually in the next three years.
Eng-W-KWOK Seat Moy, Head of Capital Markets at DBS and chairman of the stock exchange, commented:
We grow very quickly. Investors gradually explore cryptocurrencies and digital assets.
The bank Started his crypto trading platform DBS Digital Exchange in December as a pure member exchange. It currently offers trading services between four Fiat currencies (SGD, USD, HKD and JPY) and four cryptocurrencies: Bitcoin ( btc ), Bitcoin-Bar money ( bch ), ether ( eth ), and xrp , his 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 value chain of digital assets, from transaction generation to tokenization, the listing, trade and custody-everything within a trustworthy and regulated bank franchise."
After the IPO was launched, the bank led its first Security token offer Target = "_ blank" href = "https://news.bitcoin.com/sotheast-asias-largest-bank-dbs-trust-trust-cryptocurrencies/" Rel = "noopener"> trust service for crypto in May. In August, DBS said that it was expanding its crypto business to " growing need " Investors.
DBS Digital Exchange claims that the only bank-based digital full-service exchange that offers cryptocurrency trading, tokenization of assets and digital storage services.
Ganesh Viswanath-Natraj, Assistant Professor of Finance at the Warwick Business School in Great Britain, was cited by the news agency with the words:
mainstream banks help create an environment in which the settlement risk is minimal and there are precautions for the custody of user deposits and the safety of transactions.
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