DBS, Largest Singapore Bank To Extend Crypto Services To 100,000 members

News reports revealed that DBS Group Holdings Limited is ready to extend its privy crypto trading services to all its customers. Hence, all its 100,000 customers can now enjoy the platform’s digital assets services initially restricted to private clients.

100k Members Of DBS Treasures To Enjoy Crypto Trading Services

The rapidly growing crypto industry is increasingly attracting financial firms to venture into crypto-derivative services. Recently, the giant Singapore bank, DBS, reportedly announced that its crypto services sector is now open to all its 100k DBS Treasures members.

According to reports, the DBS’s Treasures department contains wealthy customers that hold investment assets worth $246k and above. Furthermore, the members of the specified group can trade XPR, ETH, BTC, and BCH on the DBS crypto exchange platform. 

In addition, they can access all the digital trading services of the giant bank with at least a $500 investment fund. Before the announcement of the expansion by the financial institute, only a private set of groups had access to the bank’s crypto services. However, with the new development, the bank has lowered the entry barrier to its crypto sector, accommodating more clients.

DBS Bank Records Massive Transaction Amidst Bearish Crypto Market

Furthermore, reports showed that the giant Singapore-based bank affected the expansion one month after it experienced a massive spike in crypto transactions on its platform. According to statistics, the company recorded almost four times more crypto transactions in June than in April this year. Despite the overall bearish market, more institutional and expert investors patronized the firm in June.

Additionally, Piyush Gupta stated in February that the firm planned to remain focused on its institutional clients for the first half of 2022. However, he had hinted then that the bank would introduce crypto retail trade offerings to its clients before 2022 ends.

According to reports, DBS Group Holdings started offering crypto services to clients in 2021 after it obtained an operation license from Singapore’s monetary regulators. After its license approval, it reportedly opened a crypto trading office where it offers custodian and trading services to business and institutional investors.

Meanwhile, a Senior Minister that oversees the monetary authorizations agency in Singapore, Tharman Shanmugaratnam, stated that they are keen on monitoring all crypto activities. He emphasized that the agency frowns at any crypto retail trading.

In addition, Sopnendu Mohanty revealed that the agency would be stringent and brutal in punishing anyone that violates the crypto rules in the country.

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