• April 23, 2024

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DBS Bank Plans to Launch a Crypto Exchange for Retail Clients

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DBS Bank, Singapore’s largest bank, plans to open a digital asset trading platform focused on individual investors by the end of the year, as stated by its CEO Piyush Gupta at a conference with analysts, CoinDesk reports.

According to him, there is “a huge amount of work” to be done in the DBS Bank initiative in the areas of anti-fraud and regulatory compliance.

The institution launched in early 2021 a crypto exchange for institutional investors. The platform’s turnover for the past year amounted to about $819 million, and for the fourth quarter to $595.5 million.

In the first months of 2022, the bank will focus on moving the service online for existing customers, who at the moment are forced to submit trading orders “by voice.”

DBS Bank announced in August 2021 an “in principle” approval by the Monetary Authority of Singapore to provide crypto services to asset managers and companies.