Singapore’s Largest Bank DBS Introduces Crypto Trading Services For Its Accredited Wealth Clients
- DBS Bank has unveiled a new feature, permitting its accredited wealth client base to explore cryptocurrency trading via DDEx.
- The following device was earlier limited to DBS corporate, institutional investors, family offices, customers of DBS Private Bank, and DBS Treasures Private Client.
DBS Group Holdings Limited, Singapore’s largest bank, has recently introduced a cryptocurrency trading feature via the firm’s DBS digibank for its affluent members and clients.
DBS Unveils Crypto Trading Services For Its Wealthy Clients
Singapore-based DBS bank has rolled out a new cryptocurrency trading feature for its upscale client base. The platform is set to offer hassle-free cryptocurrency trading services to eligible clients via DBS digital exchange (DDEx) through DBS Digibank.
We have rolled out self-directed crypto trading via DBS digibank, enabling wealth clients who are accredited investors to conveniently trade cryptocurrencies on DDEx, one of the world’s first bank-backed digital exchanges. https://t.co/gAG80nh2Q5 #crypto #banking #finance pic.twitter.com/qV44eTcMTT
As per the official statement, DDEx, popularly referred to as DBS’ Digital Bank, is described as the world’s first bank-backed digital exchange, enabling wealthy clients to experience a seamless cryptocurrency trading experience at their discretion and convenience. Dubbed as a member-only crypto exchange by Bloomberg, accredited investors categorised under the DBS Treasure segment will now be able to access and trade four leading cryptocurrencies, including Bitcoin, Bitcoin cash, Ethereum, and XRP, via the firm’s DDEx facility. Moreover, investors will have the liberty to trade and explore multiple cryptocurrencies by simply investing a minimum of $500.
“Starting from a minimum investment sum of USD 500, accredited wealth clients can seamlessly trade four of the more established cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, and XRP) on DDEx at their convenience. Having their cryptocurrency holdings reflected alongside the rest of their portfolio in DBS digibank also makes it easier for clients to stay on top of their investments across traditional and alternative asset classes. ” The statement later added
DBS Treasure is positioned as one of the most sophisticated banking programmes launched by the firm to cater to its wealth client portfolio. To become a DBS treasured client, a user is generally required to deposit $350,000 worth of assets under management (AUM). In addition, treasure clients must spend at least $20,000 a year on DBS and POSB cards to get their privileges renewed and restored.
The statement also adds that the crypto trading feature on DDEx was earlier restricted to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client only. However, with this latest initiative, the bank is now expanding its reach, further enabling accredited investors in the DBS Treasures segment to access the DDEx’s diverse crypto trading services.
For now, 100,000 users in Singapore are eligible to access the DDEx service launched by DBS digital asset ecosystem. The statement later adds that the service has been launched keeping in mind the growing portfolio of DBS’s affluent client base.
“The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options, with nine out of 10 equity transactions executed digitally today.” The statement reads
Furthermore, DBS’ crypto offering lays credible emphasis on factors related to security and convenience to ensure a seamless cryptocurrency trading experience for its investors and users.
Image: DBS Bank/Twitter
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