DBS Bank’s 300,000 wealthy investors now have access to crypto-based portfolios

Cryptocurrencies have been a sensitive topic for some major financial institutions for some time. The volatility and non-speculative nature of these assets has been viewed critically by well-established banks and affiliates as well as national institutions.

But the last cryptocurrency bull market has paved the way for educating the majority of the investing public about its usefulness. Projects that have real potential and promised results in terms of fundamentals and prices appeared ubiquitously during that period and increased in value.

This was further fueled by several developments that helped the whole world recognize these assets as legal. It was Despite this, there was still room for criticism as top names within the sector opposed the concept’s growth and adoption while citing various valid reasons.

However, this is gradually decreasing over time. While regulators have yet to fully trust blockchain-based concepts, some banks have publicly encouraged their inclusion in their operations. A name is also included. However, the most trending of these banks is his DBS (Development Bank of Singapore), which has made a recent move to include cryptocurrencies in its investment portfolio.

What is DBS?

Based in Singapore, DBS was founded in 1968. Formerly known as Postal Savings Bank, DBS was established by the Singapore government to control the country’s financial activities. The bank has grown several times since its inception and is now one of the most widely recognized financial institutions in the industry.

DBS is able to gain an advantage over its competitors and remains the top bank in the country. This has given him the opportunity to grow, expand into other countries and build some international relationships.He is now headed by Indian CEO Piyush Gupta.

Crypto services; but currently only for the richest investors

The announcement from DBS was certainly surprising, but not shocking as the bank had previously mentioned a proactive approach to these digital assets. Additionally, Singapore is publicly one of the biggest cryptocurrency supporters, and for this reason it has attracted a number of companies over the past year.

A large part of China’s investment power also contributes to the growth of the sector in Singapore, as China does not allow any type of cryptocurrency exchange or trading. The move from DBS says it intends to offer cryptocurrency services only to a select number of wealthy investors, or a total of 300,000 customers.

Currently, the service is only offered to 1,000 companies, including large institutional investors and VC funds. However, according to the bank, this number could grow quickly.

Last November, the bank’s securities division was granted a cryptocurrency license by the Monetary Authority of Singapore, allowing institutional and high net worth clients to trade on the DBS digital exchange. Operations related to the concept are controlled through the DBS Bank app.

“On the one hand, we want to be a global crypto hub. He noted his concerns about this recent development. rice field.

DBS previously brought in about $1 billion worth of cryptocurrencies from popular exchanges to build its own exchange within the banking ecosystem. While other banks and similar companies have applauded the move, there have also been negative comments, particularly from state officials.

However, with a green signal from Singapore’s MAS or Monetary Authority, DBS plans to showcase its innovative sector benefits to its clients in the coming months.

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