Singapore’s DBS Bank Now Allows 100k Customers To Trade XRP

By Kevin • September 24, 2022 10:18 pm • Comments

The Singaporean DBS Bank just announced that it has expanded its crypto trading service to over 100k customers which marks another example where a major bank is getting involved with the growing industry.

As a result of this crypto trading expansion, the bank’s clients will be able to trade digital assets through the banks own decentralized exchange which is called DDex.

There are currently only four major digital assets that the bank is providing trading services for which includes Ripple (XRP), Bitcoin, Ethereum, and Bitcoin Cash (BCH).

Trending: Federal Reserve Chairman Jerome Powell Say Federal Reserve Cannot Own Bitcoin

The announcement is quite bullish for the overall crypto industry as it shows major financial institutions are continuing to invest in the space despite the recent bear market and tight regulations.

It is expected that the rate of adoption will once again increase at an even faster rate when the bear market ends.

Bitcoinist reports:

Despite the current negative market climate and U.S. regulators’ tightening policies, cryptocurrency continues to gain more and more ground in adoption.

The benefits and use cases of decentralized technology have been attracting the government and private sectors globally and pushed them to include digital currencies in their systems.

Likewise, Singapore’s leading financing bank, established in 1968, remains second to none.

The Treasures segment of DBS includes wealthy clients with the least investable asset of $246,000. In addition, clients in this program will be required to invest a minimum sum of $500.

Prior to this latest announcement, the bank was offering its trading services to its DBS Treasures Private Clients, Institutions, and Corporates, as well as clients of DBS Private Bank.

So far, the bank is seeing a massive increase in crypto transactions on its decentralized exchange DDex.

Within a short period of a few months, the bank is recording a massive 4 times increase in transactions which indicates heavy institutional demand.

An executive of the bank also shared that DBS plans to continue to expand all advanced investment opportunities on its platform to ensure that investors have every single option available to get involved with crypto.

The fact that a state-run bank like DBS is getting involved will likely serve as a huge incentive for all other financial institutions within the country to follow suit.

Bitcoinist concludes:

The DBS Bank initially introduced its private exchange, DBS Digital Exchange (DDEx), in 2021. And now, after the expansion of the DBS digital ecosystem, around 100,000 of its accredited clients in Singapore will be able to access digital assets trading.

The crypto market has nearly lost over $2 trillion due to the Terra fiasco and macroeconomic factors shackling the whole industry since May 2022. Still, traders have no idea whether BTC is bottoming out now. But the institutional interest keeps growing in digital assets.
In August, the DBS Bank also won the “in principle” license from the Monetary Authority of Singapore (MAS). It enables the financial platform to operate crypto trading services in the state in line with the Payment Service Act.

DBS Bank noted at the time;

We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year. We have seen keen interest among asset managers and corporates for access to digital payment token services.

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