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DBS, Singapore’s largest bank, is pursuing retail Bitcoin trading

DBS Bank’s crypto exchange opened in late 2020, allowing only professional investors to trade cryptocurrency.

According to the CEO of DBS Bank, Singapore’s largest bank, the company is trying to extend its bitcoin exchange beyond its present institutional client base.

During DBS Bank’s Q4 2021 results call on Monday, CEO Piyush Gupta discussed the bank’s cryptocurrency business, noting that the company will focus on steps to significantly develop its crypto exchange activities in 2022.

Gupta was questioned if DBS Bank has a plan in place to bring digital asset trading to regular investors during the call. While the CEO did not give a direct answer, he did state that DBS Bank had begun work to broaden its present investor base, saying:

“We’ve started looking into how we might take it out and expand it outside our present investment base in a sensible way.” And that means making sure we’re thinking about things like potential fraud and other things in the right way.”

He implied that DBS Bank would be unable to proceed with retail support for its crypto exchange until that work was completed, with associated advancements expected to be completed by the end of 2022.

“I believe it will be the end of the year before we can truly take something to market,” Gupta predicted.

DBS Bank also intends to considerably improve its crypto trading platform in the first half or first three quarters of this year, according to Gupta. According to the CEO, the bank intends to “make access to digital assets a lot more convenient” by permitting rapid online deposits and transactions without relying heavily on banking middlemen.

“What happens is that you have access 24 hours a day, seven days a week, but clients still need to call and chat with bankers.” So the first order of business is to put everything online, to make it self-service, to make it quick, and to ensure that the internal procedures are strong enough to sustain it.”

DBS Bank, as previously reported, has made a significant investment in the crypto market in recent years, launching its own institutional-grade crypto exchange in December 2020. The exchange’s supported digital asset offerings have been steadily expanding, with a crypto trust solution launching in May 2021.

The Monetary Authority of Singapore awarded DBS Vickers, the bank’s brokerage arm, licence to conduct digital payment token services as a payment institution in August.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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