The largest bank of Singapore and South Asia, DBS, is seeing Rapid Growth in the digital asset business. The senior executive of DBS has revealed that the crypto trading platform’s members will double by the end of the year 2021.
The DBS Digital Exchange, the digital asset trading platform of Bank DBS, was launched in December 2022. Four fiat currencies (USD, HKD, SGD, and JPY) and four Cryptocurrencies (BTC, BCH, XRP, and ETH) are offered by the platform for trading services.
Rapid Growth in the digital asset business:
Head of strategy and planning of DBS group has expressed that they aimed to build a platform that will do all the services like trading, custody, tokenization, and listing. The crypto exchange saw Rapid Growth in the digital asset business and launched a security token offering in June 2021. Bank detailed that they are trying to meet the increasing demand of investors.
DBS Digital Exchange is seeing a growing demand from the investment firms which manage assets of wealthy families, corporate investors, and accredited individuals. The head of capital markets at DBS and chairperson of the firm, Eng-Kwok Seat Moey said:
We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.
The executive further added that the platform is expecting Rapid Growth in the digital asset business and hoping that its number of members will double by the end of this year. The firm will grow 20-30% annually according to the statistics.
Having mainstream banks helps foster an environment where settlement risk is minimal and there are safeguards in place for the custody of user deposits and security of transactions.
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