The CEO of DBS Bank will expand its digital assets trading offerings to retail investors by the end of 2022. The CEO, Piyush Gupta, disclosed the above news during an earnings call on 14th February.
However, essential details related to the platform, like transferring digital assets to other wallets, are still unknown.
Moreover, DBS Bank has a fixed goal for the first half of 2022. In early 2022, the bank will improve the accessibility of its crypto trading platform for existing users. The CEO said they would like to make the platform more self-service-oriented by allowing users to place orders for crypto online.
Users need to contact a banker to place crypto orders on the trading platform.
Digital Exchange of DBS Bank Launched in 2020
For the unaware, the Digital Assets Trading Platform connects crypto exchanges from all over the world. Users can buy and sell digital assets like cryptocurrencies and digital/security tokens on the platform.
DBS Bank launched its DDEx or DBS Digital Exchange platform in December 2020. The bank said that they wanted institutional investors, accredited individuals, and family offices to access a digital ecosystem that provides them with an integrated solution.
DBS is Southeast Asia’s largest bank by assets. The Monetary Authority of Singapore regulates the DDEx. Soon after the launch of DDEx, senior executives of DBS said that the platform was receiving a good response.
Eng-Kwok Seat Moey, Head of Capital Markets at DBS, said, “We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.”
Expansion of Digital Assets Trading Desk Is The Next Step
After the growing interest in DDEx, DBS Bank expanded its trading hours for the digital assets’ platform to 24/7. Moreover, two months after the launch, DDEx trading volume surpassed the bank’s total trading volume of the first eight months of 2021 by 40%.
Additionally, the bank claims that it had over 600 million SGD (Singapore Dollar) in digital assets alone by October 2021. Hence, the bank’s decision to expand its digital assets trading desk seems like the next logical step.
Piyush Gupta said during the earnings call, “We are starting the initial work to expand it (DDEx) beyond the current investor base.” Also, the CEO adds, “Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”