Singapore’s largest bank posts tenfold crypto volume growth in Q1 2021
DBS Bank CEO Piyush Gupta said the bank's exchange has scheduled a token offering for quarter two. DBS Bank, Singapore’s largest retail and commercial bank, has announced its first-quarter financial results following the launch of its institutional cryptocurrency exchange in December 2020.DBS chief financial officer Chng Sok Hui said that the bank saw record performance as quarterly net profit surpassed $2 billion for the first time in history, doubling from the previous quarter.DBS’ newly launched crypto platform, DBS Digital Exchange, apparently played a significant role in the bank’s....
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After posting tenfold crypto volume growth in Q1 2021, DBS Private Bank is expanding its crypto services with a new trust solution. DBS Private Bank, one of the biggest wealth managers in Asia outside China, has launched a cryptocurrency trust solution amid growing demand for digital assets.After setting up its own crypto exchange in December 2020, the Singaporean banking giant is now expanding its crypto services via its wholly-owned trust company DBS Trustee, The Business Times reports Friday.The new crypto trust solution allows the company’s private banking clients to invest, custody....
Following the release of Singapore’s digital asset framework, the country’s largest bank expanded its members-only digital exchange to 100,000 more clients.
DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very rapidly.” The bank’s digital asset trading platform expects to double the number of members by year-end.
Singapore’s DBS Expects Substantial Growth in Crypto Business
DBS’s senior executives said in an interview, published by Reuters Monday, that the bank is seeing robust demand from corporate investors, accredited individuals, and investment firms that manage assets of wealthy families.
The executives added that the bank....
Singapore’s stock exchange SGX will also have a stake in the platform. After anticipating its plans in October, DBS, Singapore’s largest bank, is establishing a new cryptocurrency exchange division called DBS Digital Exchange.Announced on Thursday, the venture is also backed by SGX, Singapore’s largest derivatives and asset exchange, which owns a 10% stake in the crypto platform.The crypto exchange will only be accessible to institutional and accredited investors, who will be able to trade Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP. In addition, DBS Digital Exchange will....
Despite the apparent slow embrace of the e-naira digital currency by Nigerians, the Central Bank of Nigeria governor has said his institution is targeting a tenfold increase in the number of users of the digital currency in the next twelve months. The governor predicted that the use of cash will “dissipate to zero” while the “use of digital currency will increase to become part of our lives.” E-Naira to Become Available to All Nigerians Some ten months after its launch, the app for the Nigerian central bank digital currency (CBDC) — the e-naira —....