DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very rapidly.” The bank’s digital asset trading platform expects to double the number of members by year-end.
Singapore’s DBS Expects Substantial Growth in Crypto Business
DBS’s senior executives said in an interview, published by Reuters Monday, that the bank is 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 platform to double by the end of December and grow by 20-30% annually for the next three years.
Eng-Kwok Seat Moey, head of capital markets at DBS and chairperson of the exchange, commented:
We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.
The bank launched its crypto trading platform, DBS Digital Exchange, in December as a member-only bourse. 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, DBS’ group head of strategy and planning, opined: “Our aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody – all within a trusted and regulated bank franchise.”
Following the exchange launch, the bank introduced 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 is expanding its crypto business to meet “growing demand” from investors.
DBS Digital Exchange claims to be the world’s only bank-backed full-service digital bourse, offering cryptocurrency trading, asset tokenization, and digital custody services.
Ganesh Viswanath-Natraj, assistant professor of finance at Warwick Business School in Britain, was quoted by the news outlet as saying:
Having mainstream banks helps foster an environment where settlement risk is minimal and there are safeguards in place for custody of user deposits and security of transactions.
What do you think about DBS rapidly growing crypto services? Let us know in the comments section below.
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