Singapore and Southeast Asia’s largest bank, DBS Group Holdings, says its crypto business “is growing very rapidly.”
The bank’s digital asset trading platform plans to double its membership by the end of the year. Singapore’s DBS Expects Significant Growth in Crypto Business DBS executives said in an interview released Monday by Reuters that the bank is seeing strong demand from private investors, accredited individuals and investment firms that manage the assets of wealthy families. Executives added that the bank expects the number of members trading on its cryptocurrency exchange to double by the end of December and grow between 20% and 30% per year over the next three years.
Eng-Kwok Seat Moey, Director of Capital Markets at DBS and Chairman of the Exchange, said: We are growing very fast. Investors are gradually exploring cryptocurrencies and digital assets. The bank launched its DBS Digital Exchange crypto trading platform 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 Cash (BCH), Ether (ETH) and XRP, details from the website. Kwee Juan Han, Group Head of Strategy and Planning at DBS, said, “Our goal was to create a platform that could serve the entire digital asset value chain, from transaction generation to tokenization, including listing, trading and custody.
all in an environment of trust and a regulated banking franchise. ” After its IPO, the bank launched its first security token offering on its crypto exchange in June after launching a crypto trust service in May. In August, DBS said it was expanding its crypto business to meet “growing demand” from investors.
DBS Digital Exchange claims to be the world’s only full-service banking digital exchange offering cryptocurrency trading, asset tokenization, and digital custody services.