Banking Giant DBS To Launch Crypto Trading For Retail Clients By CoinQuora

Banking giant DBS to launch crypto trading for retail clients

  • DBS plans to launch its cryptocurrency trading services for retail clients.
  • The bank disclosed the plan during its fourth quarter earnings call.
  • DBS also intends to make access to digital assets more convenient.

DBS, Singapore’s leading bank, has announced plans to launch a retail crypto trading desk by the end of the year. Likewise, the bank is working to expand its crypto exchange beyond its current institutional client base. So said the bank’s CEO, Piyush Gupta, during his fourth quarter earnings call.

Gupta didn’t have a clear answer when asked about the bank’s roadmap for rolling out digital asset trading to retail investors. But, he said DBS had initiated work so it could increase its current investor base. Furthermore, he explained that their goal in the first half was to make digital assets more convenient for customers. And, they plan to do so by enabling instant online deposits and transactions without much reliance on banking intermediaries.

CEO Gupta said:

We have started doing the work to see how we can reasonably pull it out and expand it beyond the accredited investor base. And that includes making sure we have the proper thinking about suitability and potential fraud.

Additionally, Gupta added that they are planning towards the end of the year to release something. Additionally, DBS plans to upgrade its crypto-trading platform in the first half or first three quarters of 2022.

DBS has always been a pioneer in all digital fields. It was the first bank in the country to launch a digital asset exchange. The multinational bank has made a foray into the crypto space in recent years, taking a massive step in 2020. In December 2020, DBS had set up its own crypto exchange. It had also launched a crypto-trust solution in May 2021.

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