Singapore’s Largest Financial institution Launches Self-Run Crypto Desk for Accredited Traders

Singapore’s Largest Financial institution Launches Self-Run Crypto Desk for Accredited Traders

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(Kitco Information) – DBS Group Holdings Ltd., the biggest financial institution in Singapore, has introduced the launch of a brand new self-directed cryptocurrency buying and selling service for accredited traders, permitting them to commerce cryptocurrencies on DDEx, which is likely one of the first banks backed by the world. digital exchanges.

Previous to this growth, cryptocurrency buying and selling on DDEx was solely out there to company and institutional traders, household workplaces, and purchasers of DBS Personal Financial institution and DBS Treasures Personal Consumer.

Now accredited traders within the nation may entry the cryptocurrency buying and selling desk. It’s estimated that 100,000 traders in Singapore meet this requirement.

In keeping with DBS, the launch of its new crypto buying and selling characteristic comes as DBS fairness purchasers “are more and more selecting self-directed choices, with 9 out of 10 fairness transactions executed digitally as we speak.”

Regardless that solely accredited traders are allowed, the minimal funding required is simply $500 and out there cryptocurrencies embody Bitcoin (BTC), Bitcoin Money (BCH), Ethereum (ETH), and XRP.

DBS emphasised that consumer safety is considered one of its principal focuses, as all consumer transactions happen “inside a safe, closed-loop atmosphere operated by DBS.” On the identical time, its institutional-grade custody answer makes use of “100% air-gapped chilly storage know-how with a multi-layered safety structure to handle cybersecurity dangers.”

With the addition of cryptocurrency buying and selling providers, DBS Wealth purchasers have entry to the total vary of asset courses, together with shares, bonds, foreign exchange and now cryptocurrencies, permitting them to have a consolidated image of all their investments. In a single single place.

“By understanding their portfolio in its entirety, purchasers are higher positioned to watch and handle their wealth and make extra knowledgeable choices,” DBS stated in its announcement.

“As a trusted associate serving to our purchasers develop and defend their wealth, we imagine in staying forward of the curve and giving them entry to the options they search,” Sim S. Lim, Group Govt, Shopper Banking & Wealth Administration, DBS Financial institution stated in an announcement. “Increasing entry to DDEx is one other step in our efforts to offer refined traders seeking to dive into cryptocurrencies with a protected and seamless approach to take action.”

DBS has been engaged on launching cryptocurrency buying and selling providers for institutional traders because it first introduced the chance in 2020. Earlier in 2022, the financial institution revealed that its digital asset buying and selling desk for retail purchasers will launch on the finish of 2022. of 2022.

The financial institution can be engaged on updating numerous points of its platform to assist make the consumer expertise extra fulfilling, equivalent to digitizing the onboarding course of, which is predicted to occur in 2023.

Disclaimer: The views expressed on this article are these of the writer and should not mirror these of Kitco Metals Inc. The writer has gone to nice lengths to make sure the accuracy of the knowledge supplied; nonetheless, neither Kitco Metals Inc. nor the writer can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any trade of commodities, securities or different monetary devices. Kitco Metals Inc. and the writer of this text settle for no accountability for loss and/or harm arising from using this publication.

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