The bank recently made an alliance with The Sandbox, a metaverse platform.
One effect of this change will be to encourage Singapore’s high-net-worth individuals.
The DBS Digital Exchange, a platform for members exclusively, has increased its crypto trading service access. The bank announced the growth on Friday, citing an increase in the number of customers. Who choose self-directed investing strategies as the reason for the move.
Assuming a minimum commitment of $500, this service will be available to about 100,000 of the bank’s authorized investors and customers. It’s important to note that this service was previously only available to corporate and institutional investors, family offices, and customers of DBS Private Bank and DBS Treasures Private Client.
Surge in Transactions
In a recent article, it was revealed that the number of transactions on the DBS Digital Exchange had more than quadrupled between April and the end of June, while the amount of Bitcoin purchased on the exchange increased by over four times. The amount of Ethereum bought rose by 65% within the same time frame.
One positive effect of this change will be to encourage Singapore’s high-net-worth individuals to start using cryptocurrency. The flip side of the coin is that authorities in a southeast country are thinking about imposing new limits on retail players. Retail access to cryptocurrencies like Bitcoin may soon face new “frictions” from Singapore’s Monetary Authority. The same might apply to client suitability assessments and any efforts to limit the use of leverage and credit facilities in cryptocurrency trading.
The Singaporean financial behemoth has also been in the spotlight recently. They just made an alliance with The Sandbox, a metaverse platform. The collaboration’s end goal is to provide innovative online offerings for DBS customers.