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Singapore’s largest financial institution launches a self-directed crypto desk for accredited buyers

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(Kitco Information) – DBS Group Holdings Ltd., Singapore’s largest financial institution, has introduced the launch of a brand new self-directed crypto buying and selling service for accredited buyers, enabling them to commerce cryptos on DDEx, which is likely one of the world’s first bank-backed digital exchanges.

Previous to this growth, crypto buying and selling on DDEx was solely accessible to company and institutional buyers, household places of work and purchasers of DBS Non-public Financial institution and DBS Treasures Non-public Consumer. 

Now, accredited buyers within the nation may entry the crypto buying and selling desk. It’s estimated that 100,000 buyers in Singapore meet this requirement. 

Based on DBS, the launch of its new crypto buying and selling characteristic comes as DBS wealth purchasers “are more and more selecting self-directed choices, with 9 out of 10 fairness transactions executed digitally immediately.”

Even if solely accredited buyers are allowed, the minimal funding required is simply $500, and the accessible cryptocurrencies embody Bitcoin (BTC), Bitcoin Money (BCH), Ethereum (ETH), and XRP. 

DBS pressured that consumer safety is one in every of its major focuses, with all consumer trades happening “inside a safe closed loop surroundings operated by DBS.” On the identical time, its institutional-grade custody resolution makes use of “100% air-gapped chilly storage expertise with a multi-layered safety structure to handle cybersecurity dangers.”

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With the addition of crypto buying and selling providers, wealth purchasers at DBS have entry to the complete spectrum of asset courses – together with equities, bonds, overseas alternate and now cryptocurrencies – permitting them to have a consolidated image of all their investments in a single place. 

“By understanding their portfolio in its entirety, purchasers are thus higher positioned to observe and handle their wealth, and make extra knowledgeable choices,” DBS stated in its announcement. 

“As a trusted companion that helps our purchasers to develop and shield their wealth, we imagine in staying forward of the curve and offering entry to the options they search,” Sim S. Lim, Group Govt, Client Banking and Wealth Administration at DBS Financial institution, stated in an announcement. “Broadening entry to DDEx is one more step in our efforts to supply subtle buyers trying to dip their toes in cryptocurrencies with a seamless and safe approach to take action.”

DBS has been engaged on launching crypto buying and selling providers for institutional buyers because it first introduced the chance in 2020. Earlier in 2022, the financial institution revealed that its digital asset buying and selling desk for retail prospects will launch by the tip of 2022. 

The financial institution can be engaged on upgrading varied elements of its platform to assist make the person expertise a extra nice one, corresponding to digitalizing the onboarding course of, which is anticipated to happen in 2023. 


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Disclaimer: The views expressed on this article are these of the creator and will not mirror these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of data offered; nevertheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any alternate in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from using this publication.

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