The Development Bank of Singapore [DBS] has expanded access to a crypto trading service on its members-only digital exchange. In a statement issued on Friday, the bank stated that its wealth clients were increasingly choosing self-directed investment routes, thus the expansion.
DBS Bank’s qualified clients can now trade Bitcoin, Bitcoin Cash, Ether, XRP
Around 100,000 of the bank’s accredited investors and clients will be able to access the said service with a minimum investment of $500. Worth noting here is that the service was previously limited to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client.
Accredited investors in the DBS Treasures segment—which requires investable assets of S$350,000 [ approximately $246,000]—will now be able to trade tokens including Bitcoin, Bitcoin Cash, Ether, and XRP on DBS Digital Exchange.
As reported in a recent article, the aggregate number of trades on the DBS Digital Exchange had more than doubled from April to the end of June, while the quantity of Bitcoin bought on the exchange had risen nearly four times. Likewise, the quantity of Ethereum purchased increased by 65% in the same period.
On one hand, the said move will aid in fostering crypto adoption among wealthy investors in Singapore. On the other, regulators in the southeast nation are considering adding restrictions for retail participants. The Monetary Authority of Singapore is reportedly looking to add “frictions” on retail access to cryptos like Bitcoin. The same might encapsulate customer suitability tests and restrict the use of leverage and credit facilities for crypto trading.
The Singapore-based banking giant, on its part, has also been in the news of late. Quite recently it announced a partnership with the metaverse platform, The Sandbox. The partnership aims to build new services for DBS clients in the virtual world. The bank is set to purchase a plot of land to build a metaverse exclusive property, named DBS BetterWorld.