DBS Bank to Allow Crypto Trading for All Investors in Singapore

DBS Bank to Allow Crypto Trading for All Investors in Singapore

The largest bank in Singapore will be upping its game in the crypto industry by letting casual investors trade cryptocurrencies on its platform.

Singapore has become one of the main hot spots for crypto startups in the whole world, with large institutions seemingly trying to keep up with the emerging digital asset industry. 

On February 14th, Piyush Gupta, CEO of DBS Bank, announced that the bank is planning to widen the spectrum of investors, but first wants to ensure certain safety measures so that customers do not get into potentially malicious activity and fraud.

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Gupta affirmed that DBS will be looking to "make the access to digital assets more convenient" by enabling fast transactions and quick deposits. The CEO predicts that these changes will be implemented over the course of the year. 

While the CEO of DBS did not reveal any ideas on a roadmap regarding a crypto exchange, the superbank is certainly looking to expand a lot more. Earlier in 2020, DBS launched its cryptocurrency exchange, while last year, the bank announced its trust company that offers customers investments options via crypto.

Based on the report by the KPMG, investments into Singapore's blockchain projects surged by almost 40% last year, securing a total of $4 billion worth of FinTech deals.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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