DBS is the first bank in Asia to offer crypto solutions
|Slavomír Kaňuk|source|4113x
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DBS is the first bank in Asia to offer crypto solutions

DBS Private Bank is one of the largest wealth managers in Asia and has been interested in the cryptocurrency sector for a long time. Already in 2020, they launched their own DBS Digital Exchange (DDEX), which currently trades Bitcoin, Ether, Bitcoin Cash and Ripple. These cryptocurrencies are traded in trading pairs with the Singapore dollar, the Hong Kong dollar, the US dollar and the Japanese yen. The total volume of funds in digital assets has reached almost $ 60 million in a relatively short period of time and has seen a 10-fold increase in trading volume since launch.


Following a 10-fold increase in trading volume, the Singapore banking giant has decided to expand its cryptocurrency services through DBS Trustee, which is 100% owned by them. The new solutions will provide clients with access to cryptocurrency investments, custody and management. The offer includes cryptocurrencies, which are traded on the DBS Digital Exchange - BTC, ETH, BCH and XRP.

 

According to the bank, in recent years many of their clients have shown interest in investing in cryptocurrencies, or have already invested in them. Joseph Poon, head of DBS Private Bank group, said that as cryptocurrencies become mainstream, they expect this trend to accelerate.


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The bank claims that its service structure allows clients to comfortably hold these assets without having to worry about regulatory issues, for example. In addition, they are often diametrically opposed in each jurisdiction and include the issue of cryptocurrency taxation. According to them, another negative that they want to rid their clients of is unnecessarily complicated inheritance proceedings.

 

We can agree in principle with similar arguments. It is true that there is a relatively large group of investors who are certainly interested in cryptocurrencies from an investment point of view but do not have time to follow the often complex regulatory processes and explain to their heirs how to access inherited cryptocurrencies.


Read also: IS INVESTING IN DOGECOIN A GOOD IDEA?

 

Of course, we always recommend everyone to keep and manage their cryptocurrencies themselves. That is why cryptocurrencies did arise. However, similar services can also attract to cryptocurrency market investors, who still perceive cryptocurrencies as something too technical and complex. In addition, the fact that even such a large player is interested in digital assets is a good advertisement for the entire sector.

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