Singapore’s largest DBS Bank with over $ 500 billion in total assets has unveiled plans to expand crypto trading services to retail investors. According to the firm’s CEO, Piyush Gupta, the bank is preparing to launch retail crypto trading.
In the latest report, Gupta revealed an update on the project and estimated that retail crypto trading would be launched by the end of 2022. He said, "We are beginning preliminary work to expand it beyond the capacity of existing investors and in time it is fully regulated".
Bank of Singapore, founded in July 1968 is estimated to have about 200,000 customers, including large companies, small and medium enterprises (SMEs), and institutional investors. Plans to launch a ‘trading desk’ for retail investors have been made over the past few months after DBS obtained approval from the Singapore Financial Regulator (MAS) to provide crypto services to institutional investors such as asset managers and businesses.
Therefore, they intend to bring this matter further. In 2022, the main focus will be on retail investors to use the crypto ‘trading desk’ that will be available.
Among the attractive features that will be offered is the service of buying and selling crypto available online by placing an order through a bank representative. So far there has been no disclosure on crypto transfers purchased to other suppliers or crypto wallets.
Previously, in 2020, DBS had launched a fiat-to-crypto exchange on the DBS Digital Exchange that allows crypto investors to trade Bitcoin (BTC), Ether (ETH), etc. using fiat currencies such as Singapore dollars (SGD), Hong Kong dollars (HKD), Japanese yen (JPY) and US dollar (USD).
