DBS Group Holdings Ltd., the largest bank in Singapore, has announced the expansion of its cryptocurrency trading service to its member-only digital exchange, Digibank.
DBS announced today that it has introduced a cryptocurrency trading product, enabling its wealthy clients with a reputation as accredited investors to trade cryptocurrencies. Investors will now have access to trading options in Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP) and Ethereum (ETH) on its digital exchange (DDEx) with minimum investments starting at $ 500. In the announcement, DBS said this new service will allow investors to trade cryptocurrencies at their leisure, adding that it will also provide “hassle-free access to DDEx, one of the world’s first bank-backed digital exchanges.” Prior to this announcement, cryptocurrency trading on DDEx was limited to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Clients.
DBS Bank first launched DDEx in 2021 and, following the expansion of its services, the bank now offers 100,000 of its clients in Singapore access to the services offered by the DBS digital ecosystem. Sim S. Lim, executive of consumer banking and wealth management group, DBS Bank, said in a statement:
As a trusted partner who helps our customers grow and protect their assets, we believe in keeping up with the times and providing access to the solutions they seek.
DBS announced its intention to offer cryptocurrency trading services to institutional investors as early as 2020 and said earlier this year that it is looking to launch a digital asset trading desk for retail clients by the end of 2022. .
While Singapore is home to many digital asset companies and the news that has come from DBS is certainly very bullish, the Monetary Authority of Singapore (MAS) is still warning of the dangers associated with investing in cryptocurrencies. Earlier this month, the MAS even went so far as to issue a statement reiterating that retail investors shouldn’t invest in the asset class, stating:
Cryptocurrency prices fluctuate wildly and investors risk losing all the money they have invested in cryptocurrencies.
However, even after issuing the aforementioned warning, MAS released its framework for digital assets expanding in 2025 where the regulator made it clear that it intends to “allow digital currency connectivity” via a plan called Project Orchid according to reports from Nasdaq. As part of its digital asset framework, the regulator plans to explore distributed ledger technology, asset tokenization and cross-border payments.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.