DBS Group Holdings Ltd. opened its cryptocurrency trading services on its digital exchange DDEx to another 100,000 of its wealthiest clients.
The bank will allow accredited clients with investment assets of at least $246,000 to buy, sell and trade multiple cryptocurrencies, including bitcoin. Crypto traders must invest at least $500. The trading facility will be available in the DBS digibank application.
“As a trusted partner in helping our clients grow and protect their wealth, we believe in staying ahead of the curve and giving them access to the solutions they are looking for. Expanding access to DDEx is another step in our efforts to provide sophisticated investors looking to dive into cryptocurrencies with a transparent and secure way to do so,” said Sim S. Lim, Group Director of Consumer Banking and Asset Management at DBS Bank. .
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The announcement marks the second major expansion in the customer base since the bank’s earlier announcement about two weeks ago that it would begin offering cryptocurrency trading services to its 300,000 richest Asian clients, including private banks, accredited investors and other exchanges and funds. . Prior to that, there were about 1,000 eligible traders on the exchange.
Since obtaining approval from the Monetary Authority of Singapore to operate the cryptocurrency exchange, DBS Vickers, the brokerage organization of DBS Bank that operates the exchange, has seen a steady increase in trading activity. Transaction volumes doubled between April 2022 and June 2022, while Bitcoin volume quadrupled.
Bank advertises institutional-grade depository infrastructure
Accredited investors can trade Bitcoin, Bitcoin, Ethereum and XRP on DDEx. Clients can view their crypto assets and other assets in their portfolio on the digibank platform.
According to DBS Bank, clients’ crypto assets will be protected by an “institutional grade” storage system that stores assets in cold storage and is protected by multiple layers of security.
Client funds will be debited directly when they make crypto transactions, eliminating the need for stablecoins to act as a bridge between the crypto and fiat worlds.
Singapore Cryptocurrency Approach: Hands-Free, Retail Investors
The Monetary Authority of Singapore has previously warned retail investors against trading cryptocurrencies, and in January 2022 banned advertising of cryptocurrencies to the general public. Proof of this can be seen at the upcoming Singapore Formula 1 Grand Prix scheduled for September 30, 2022, when Crypto.com will be forced to remove public billboards during the race.
“MAS strongly encourages the development of blockchain technology and the innovative application of cryptographic tokens in value-added use cases,” said Lou Xue Yi, Deputy Managing Director of MAS (Policy, Payments and Financial Crime), at the time. “But cryptocurrency trading is very risky and not suitable for the general public.”
The agency has been criticized for positioning Singapore as a place for fintech and distributed ledger technology while creating bureaucratic hurdles for companies looking to set up a cryptocurrency business in the country.
He expressed support for the tokenization of traditional financial assets such as cash, bonds, art and real estate.
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