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DBS Looks to Grow Membership of Its Cryptocurrency Trading Platform

by Miki 09/13/2021
by Miki 09/13/2021 0 comment

Currently, DBS Digital Exchange offers trading services with Bitcoin, Bitcoin Cash, Ethereum and XRP.

Singapore bank DBS Group has stated that it expects to grow the membership on its cryptocurrency trading platform to 1000 by December. The bank also plans to pursue a 20-30% year-over-year growth for the next three years. This is even as its token gains increased acceptance.

According to senior executives of the bank, the cryptocurrency trading platform, DBS Digital Exchange, has been getting attention from different quarters. What was set up in December for members only has garnered the attention of corporate investors, accredited individuals, and investment firms.

How the DBS Cryptocurrency Trading Platform Is Shaping Up

DBS ventured into cryptocurrency after its Chief Executive Officer, Piyush Gupta, pushed the bank to invest in cloud infrastructure and digitalization.

Speaking at the interview, the head of capital markets and Chairperson of the exchange, Eng-Kwok Seat Moey stated:

“We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.”

The company is Southeast Asia’s largest bank by assets and its crypto trading platform, DBS Digital Exchange, is touted as the only bank-backed digital bourse. It offers full services including cryptocurrency trading, asset tokenization, and digital custody services.

Eng-Kwok believes that the relative size of the bank’s assets, as well as its expertise in sealing deals in the capital market, will attract new investors and boost trading volume.

This is particularly important given the increased interest of private investors to expand their share of digital assets. There are also investors looking towards crowdfunding through security tokens.

Currently, DBS Digital Exchange offers trading services between Bitcoin, Bitcoin Cash, Ethereum and XRP, and the US, Singapore, Hong Kong dollars, and the yen. The exchange will include at least six new security tokens by the end of 2022.

Moving Against the Tide

Unlike DBS, many banks have been troubled by the rising popularity of cryptocurrencies. Many have sought to achieve a balance between meeting the demands of their clients and regulatory concerns about their risks.

The move DBS into the crypto economy comes at a time when DBS is looking to increase fee-based income as low-interest rates drive net interest income down.

In his statement, Kwee Juan Han, DBS’ group head of strategy and planning described the company’s aim was to “create a platform that could serve the entire digital asset value chain, from deal origination to tokenization, listing, trading, and custody – all within a trusted and regulated bank franchise.”

Juan asserted that DBS expects its new businesses, including the digital exchange and a carbon exchange to bring in total revenue of S$350 million ($260 million) by the end of 2022.

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The New Jersey Crypto News
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  • Learn
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      How to Trade Futures Contracts on Changelly PRO

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