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DBS’s new crypto trading service allows clients to trade in Bitcoin, Ether, and XRP

The bank has launched self-directed crypto trading via its app giving its qualified customers access to the bank's digital asset exchange and trade in popular cryptocurrencies.

Image by: Wikimedia Commons

Mon, 26 Sep 2022, 16:08 pm UTC

DBS, the largest bank in Southeast Asia, is making it easier for clients to access Bitcoin (BTC), Ether (ETH), and XRP. The bank has launched self-directed crypto trading via its app giving its qualified customers access to the bank's digital asset exchange and trade in popular cryptocurrencies.

On September 23, DBS announced that it has launched self-directed crypto trading via DBS digbank, according to Bitcoin.com. “Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (Ddex) through DBS digibank at their convenience,” the bank said.

At the moment, the DBS digital asset exchange supports the trade of four cryptos such as Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH). While DBS has already been offering crypto trading services, it was previously limited to corporate and institutional clients, private wealth management clients, and family offices.

The launch of the self-directed trading service expands the coverage of the service to more of DBS clientele. DBS explained that under the new services, around 100,000 investors in Singapore alone would meet the new criteria and are eligible to access DBS’ digital assets ecosystem via the service.

DBS Consumer Banking and Wealth Management executive Sim S. Lim explained that the rollout of the self-directed trading service is part of the bank’s push to provide qualified investors access to digital currencies. “Broadening access to Ddex is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so,” Lim said.

Despite the current downturn of the crypto market, DBS reported in August that the trading volume on its digital asset exchange has soared. “investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” DBS said. Just like major companies worldwide, the bank has recently dipped its toes in the metaverse and has partnered with The Sandbox.

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