Fifty-four years old Singaporean leading consumer bank DBS announced the launch of a self-directed crypto trading function on its DBS digibank mobile app. The feature will only be available to wealthy clients who are qualified and accredited.
From analysis, the bank has discovered that about 100,000 Singapore investors meet up with the laid out criteria and are, therefore, eligible to gain access to this feature. Once granted access, these clients can trade cryptocurrencies on DBS Digital Exchange (DDEx) via the digibank app.
Notably, this will provide accredited investors in the DBS Treasures segment with less stressful access to the bank-backed crypto exchange, DDEx. Previously, the access was only available to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client.
DBS Offers Four Crypto on DDEx
Remarkably, this offering by DBS comes at a point when the bank’s premium investors are seeking more self-directed options, especially with the rate of transaction digitization.
At present, only four cryptocurrencies will be traded on the DDEx, they are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple’s XRP. The minimum investment in these digital assets expected from these wealthy clients is $500 for a start.
“As a trusted partner that helps our clients to grow and protect their wealth, we believe in staying ahead of the curve and providing access to the solutions they seek. Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so,” said Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank.
Additionally, DBS’s wealthy clients can have an overview of their investment across both traditional and alternative asset classes in just one view on the digibank app. Altogether, this feature promises to offer these clients security, convenience, and a full view of their investments.
DBS’s growth in the crypto industry has been going at a steady pace. The bank has gone overboard to encourage crypto inclusion and adoption in its sector.
Earlier this year, the largest Singapore bank started considering BTC trading for retail investors. Only a few weeks ago, DBS further expanded its crypto reach by making its exchange service available to 300,000 clients.