Singaporean Megabank DBS Working On Expanding Bitcoin Trading To Retail Investors

By Micheal On Feb 14, 2022

Launched by the end of 2020, DBS Bank’s cryptocurrency exchange is continuing to only allow professional investors to trade in cryptocurrency.

According to the CEO, DBS Bank, the largest bank in Singapore, is working to expand its cryptocurrency exchange beyond the existing investor base of institutional clients.

During the Q4 2021 revenue call, DBS Bank CEO Piyush Gupta on Monday spoke about the bank’s cryptocurrency business, noting that in 2022 the company will focus on measures to further scale its cryptocurrency operations.

During the discussion, retail investors asked Gupta if DBS Bank had a roadmap to start digital asset trading. Although the CEO did not respond directly, DBS Bank said it had taken some steps to expand its existing investor base.

“We’ve started doing the work on seeing how we get sensibly, take it out and expand it beyond the current investor base. And that includes making sure we appropriately think about things like potential fraud and others.”

He further pointed out that DBS Bank would not continue that work until it completes that work with retail support for the crypto exchange, hoping to complete the relevant development by the end of 2022. It can be taken to any market. , ”Said Gupta.

According to Gupta, DBS Bank expects the crypto trading platform to grow significantly in the first half or first three quarters of this year. The bank plans to “facilitate access to digital assets” by launching instant online deposits and transactions without relying too much on banking intermediaries, the CEO added:

“What happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that.”

As reported earlier, DBS Bank has made great strides in the crypto industry in recent years, establishing its own institutional-grade crypto exchange in December 2020. The company is actively expanding its range of digital asset services with the support of Exchange by launching a Crypto Trust Solution in May 2021.
In August, DBS Vickers, the brokerage arm of DBS Bank, received approval from the Monetary Authority of Singapore to provide digital payment token services as a payment company.