Southeast Asia’s largest bank “DBS” is also aiming to gain exposure in the cryptocurrency industry.
DBS Launches Crypto Trading
The officials at DBS confirmed on Friday that they want to explore the cryptocurrency industry. However, DBS is not taking things step by step because it knows how much it could lose if it does not explore the sector soon.
The bank has announced that they have already launched cryptocurrency trading services for clients. The bank executives have confirmed that the trading service will be self-directed.
The teams have confirmed that they have introduced the DBS digibank service that the clients will be using to interact with cryptocurrency trading services.
The exchange has been dubbed DBS Digital Exchange (Ddex) and it has been dedicated to offering cryptocurrency services to DBS clients.
Cryptocurrencies Supported by Ddex
As this is the first time for Ddex to offer cryptocurrency services, therefore, they are not going all out offering a long list of cryptocurrencies.
Instead, the DBS teams have decided they would go for some of the most common and major cryptocurrencies. For this purpose, DBS is offering XRP, Ether, Bitcoin Cash, and Bitcoin.
Just as they launched their exchange, they were offering services to private wealth management clients of DBS, family offices, institutional, and corporate clients
Now the service is being offered to a wide range of investors. According to inside sources, DBS is now aiming to target at least 100,000 investors. These investors will not be on a worldwide scale but only from Singapore.
The services will be available to all the investors in Singapore but the target DBS has set is 100,000 for now. These investors will be able to avail and trade in the mentioned digital assets offered by the ecosystem at Ddex.
A DBS Executive Talks about the Company’s Recent Development
One of the executives at Consumer Banking and Wealth Management, Sim S. Lim commented on the bank’s recent progress.
Lim stated that their recent attempt would prove to be a great deal for investors wanting to participate in cryptocurrency trading.
This is the reason why they have expanded the support of their exchange to all the investors willing to gain exposure to the crypto industry.
They are ensuring that as their investors and clients expose themselves to the crypto markets, they do it in the most secure and trusted manner.
Institutional Demand has Risen
The DBS executives have revealed that in the month of August they saw the trading volume of cryptocurrencies grow significantly high on Ddex.
This means that the institutional demand is constantly rising in favor of cryptocurrencies. It is now clear that the growing institutional demand for cryptocurrencies has compelled them to increase their exposure to cryptocurrencies.
