The DBS bank works on expanding Bitcoin trading for retail investors as It previously only allowed professional investors to trade crypto so let’s find out more in today’s latest bitcoin news.
Singapore’s largest bank, DBS bank works on expanding its crypto exchange beyond its current investor base of institutional clients to retail clients as per the CEO Piyush Gupta. He spoke of the bank’s crypto business during the fourth quarter in 2021 during the earnings call on Monday, stating that teh company will focus on other measures to scale its crypto exchange operations.
During the call, Gupta was asked whether the DBS bank has a roadmap for rolling out digital asset trading to retail investors and while the CEO didn’t provide an answer, he said that the DBS bank initiated some work in order to expand its current investors base:
“We’ve started doing the work on seeing how we get in a sensible way, take it out, and expand it beyond the current investor base. And that includes making sure we appropriate thinking about things like potential fraud and others.”
He hinted that the DBS bank will not be able to proceed with the retail support for its exchange before completing the work that is expected to finalize related developments by the end of 2022:
“I think you’re looking more like the end of the year before we can actually take something to market.”
According to Gupta, the DBS bank also expects to boost its crypto trading platform during the first half of the first three quarters of the year and the bank plans to make access to the digital assets a lot more convenient by enabling instant online deposits and transactions without relying on the banking intermediaries:
“What happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that.”
The DBS bank made a huge move into the crypto industry in the past few years and set up its own institutional-grade crypto exchange the company is extending the range of supported digital asset services and even launched a crypto trust solution back in 2021. The DBS bank’s brokerage arm DBS Vickers got approval from the Monetary Authority of Singapore to provide digital payment tokens services as a payment institution.
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