Overview: Singapore’s DBS Bank Expands Its Crypto Trading Service For 100K Customers
Singapore based bank DBS has expanded its crypto trading service to more its 100,000 of its high net worth clients. The DBS clients will trade virtual currencies through its member-only decentralized exchange, DDEx, which was previously limited to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client only. The service initially allows customers to trade four top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BitcoinCash (BCH), and Ripple (XRP).
What’s the offering?
- So far, DBS crypto trading has only been accessible to corporate and institutional investors, family offices, and private banking clients.
- Now 100,000 DBS Treasures clients can trade Bitcoin, Ethereum, XRP, and Bitcoin Cash in DBS’s app.
- The minimum investment is $500. Customers need at least S$350,000 ($246,000) of investable assets to access crypto trading.
What is the hype about?
- We are in a crypto winter. Yet the largest bank in South East Asia is making crypto trading more accessible.
- DBS crypto trades sored in June compared to April this year – likely because of the dip.
- The bank claims that “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market.”
- This implies wealthy investors trust banks more than crypto exchanges and wallets.
- And of course, to launch this product DBS got the blessing from the regulator.
What does this mean for the industry?
- DBS is a huge player in the market. Will others follow?
- Is this move based on corporate strategy or customers’ demand?
- Are we seeing wealthy investors’ confidence in crypto rise? Or are these fears of inflation and recession coming to life, and investors are diversifying their portfolios?
- Where does this leave the risk takers and early adopters who likely have lost money because of the crash and are now hesitant to buy?
- Are we seeing the wealth gap replicating itself in crypto markets?
Well, only time will tell…
Read More: DBS opens crypto exchange to wealthy clients