DBS Group Holdings, one of the largest banks in Singapore, is now offering Bitcoin and crypto trading services to 100,000 clients. In a recent report released by Bloomberg, the bank is expanding the use of its DBS Digital Exchange platform. Nevertheless, only qualified clients will be able to trade Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and XRP (XRP).
DBS Group Holdings Expands Bitcoin Trading Solutions
More than 100,000 clients at DBS Group Holdings will be able to get access to crypto trading, according to a recent report released by Bloomberg on September 23rd. This will offer a unique possibility for investors in Singapore to get access to the crypto market without having to go through a traditional crypto exchange.
It is worth pointing out that DBT clients will be able to trade any of these virtual currencies with a minimum investment of $500. This is an amount that is much higher than the minimum investment that traditional crypto trading platforms usually ask for. Despite that, this will be a great opportunity for investors in traditional finance to get access to digital assets in a regulated environment.
DBS Bank group executive Sim S. Lim commented about this new offer to clients:
“As 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.”
The bank is increasing its presence in the crypto market and expanding its crypto offering to investors. This also shows that Singapore is taking a clear decision to move towards regulating and adding cryptocurrencies to the financial ecosystem.
In the future, several banks could start offering crypto trading services for users, in different countries. Over the last few years, we have seen an increase in the number of investors in cryptocurrencies. Bitcoin and other digital assets surged to all-time highs in 2021. However, in 2022 a bear market affected most virtual currencies, which are now at their lowest point in years.
It will be very important for regulatory agencies around the world to understand how to better regulate the market in order for cryptocurrencies to reach larger investors. Singapore’s decision shows that there is a clear intention to start moving towards these relatively new assets, and DBS Group Holdings is part of this market transformation.
Nowadays, several banks in different countries continue to block transactions from and to exchanges, making it very difficult for investors to get access to this market. Hence, DBS Group offers a unique possibility for larger customers to invest in a fast-growing market that is expected to reach an even larger number of investors in the coming years. As Mike Novogratz said, cryptocurrencies are in a long-term bull market as institutions are building new infrastructure to onboard new clients.