Singapore's DBS expects rapid crypto biz growth

DBS says its crypto business is seeing robust demand from corporate investors, accredited individuals, and investment firms managing assets of wealthy families and that it expects its cryptocurrency exchange platform members to double by year-end.

The largest bank in Southeast Asia also expects its crypto platform membership to grow by 20 to 30 percent annually for the next three years.

DBS Digital Exchange, the bank’s crypto trading platform, offers trading services between four fiat currencies: Singapore dollar, US dollar, Hong Kong dollar, and Japanese yen, and in four cryptocurrencies: bitcoin, bitcoin cash, ether, and XRP.

Investors are gradually exploring cryptocurrencies and digital assets, according to Eng-Kwok Seat Moey, head of capital markets at DBS and chairperson of the exchange.

Kwee Juan Han, DBS’ group head of strategy and planning, noted that the bank’s aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenization, listing, trading, and custody.