Singapore's DBS Bank to Offer Crypto Clients via Mobile App
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Crypto Clients via Mobile App
The reports state that DBS's brokerage arm has only allowed a select group of under 1,000 institutional and wealthy clients by invitation to use its digital exchange since receiving a cryptocurrency license from the Monetary Authority of Singapore (MAS) last year.
Gupta claims that the bank's 300,000 clients in Asia, including private banks, accredited investors, other exchanges, and funds, would soon have access to Bitcoin services. According to Gupta, "people expect us to be a pioneer in the field and to continue to push boundaries," DBS can set up "guardrails" and protections that will result in "better outcomes" for investors.
Temasek, a government investment firm, owns over 30% of DBS. However, the bank's development aspirations come after a challenging year for Singapore's cryptocurrency industry, which saw firms like Three Arrows Capital (3AC) declare bankruptcy.
In an interview, Gupta stated the difficulties Singapore's crypto regulators are encountering,
"On the one hand, we want to be a global crypto hub. On the other hand, we're also apprehensive about our domestic population getting burned with this speculative asset class."
DBS Digital Exchange Deals
According to Gupta, the losses incurred by small-scale investors in the crypto crisis highlighted the significance of more reputable financial institutions providing services related to digital assets. Between April and the end of June, the total number of deals on the DBS Digital Exchange more than doubled, while the amount of Bitcoin purchased on the exchange increased by over four times. Similarly, the supply of ether, another well-liked coin, has grown by 65% over the same time frame.