DBS Group Holdings plans to increase its digital asset exchange to 300,000. Its wealthiest clients in Asia will be included and new products will be developed.
- DBS Bank in Singapore plans to increase its digital asset offerings for more of its 300,000.
- To make it easier for customers, the bank plans to update its mobile app.
- DBS has $488 billion of total assets as at December 31, 2021.
According to a Financial Times report, DBS Group Holdings is planning to increase its cryptocurrency and bitcoin services to 300,000.
DBS is particularly keen to expand its digital assets exchange, which has nearly 1000 users at the moment. Private banks, accredited investors, and other exchanges are the targeted clients of DBS in Asia. They can all manage their funds via the bank's mobile app. DBS is currently working on an upgrade to its mobile app that will allow clients to manage digital assets.
According to the report, DBS stated that an updated version will make the process easier and allow for greater support for a wider user base.
Piyush Gupta is the bank's chief executive. He explained that the bank decided to expand its infrastructure because of a need to protect consumers. DBS believes that the ecosystem requires established, regulated institutions that offer more services than start-ups.
According to the report, Gupta stated that "On one hand, it's our goal to be a global cryptocurrency hub." "But on the other hand, we are also concerned about the potential for our national population to be burned by this speculative asset type."
Gupta ended his remarks by stating that transactions on the exchange have doubled this year, from April to June. More impressively, bitcoin transactions have quadrupled over the same period.
The Monetary Authority of Singapore hinted in July at a framework for digital asset industries.
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By: Shawn Amick
Title: Singapore’s Largest Bank To Expand Bitcoin, Crypto Services Amid Bear Market
Sourced From: bitcoinmagazine.com/markets/singapores-dbs-to-expand-bitcoin-crypto-services-amid-bear-market
Published Date: Tue, 06 Sep 2022 13:26:15 GMT
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