Largest lender in Southeast Asia, DBS Bank Ltd, has unveiled its self-oriented cryptocurrency trading service for accredited wealth clients. The lender announced the development in its Friday press release. According to DBS, over 100,000 customers meet the criteria to access its self-directed crypto trading service.
Notably, DBS hinted that the new service allows accredited wealthy investors to trade cryptocurrencies on DDEx with ease. Additionally, it says the service avails a seamless and “hassle-free access to DDEx, one of the world’s first bank-backed digital exchanges.”
Prior to this development, crypto trading on DDEX was only restricted to “corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client only.” However, DBS says the new development now avail the service to accredited investors “in the DBS Treasures segment as well.” This, initiative, according to the lender, plans to start with 100,000 of these clients in Singapore. With this, the clients get unrestricted access to the services offered by DBS’ digital asset ecosystem.
DBS to continuously grow and protect clients’ wealth – Group Executive
Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank has reacted to the development. According to Lim, DBS remains a trusted partner that helps its clients to grow and protect their wealth.” More so, he noted that the lender believes “in staying ahead of the curve and providing access to the solutions they seek.” He sees the expansion of the access to DDEx as “yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”
Furthermore, the lender revealed that the accredited wealth clients can now begin to easy trade four of the most established cryptocurrencies on DDEx with a minimum of USD 500. Also, it intends to allow the crypto holdings of the clients reflect their other portfolio in DBS digibank. This, according to the lender, helps investors to “stay on top of their investments across traditional and alternative asset classes.”
According to the lender, the trading mechanism enables secured and reliable custodial services. With this, it is able to avail “institutional-grade custody and explores 100% air-gapped cold storage technology.” More so, it posseses “multi-layered security mechanism to address any possible cyber-security risks.” As revealed, clients can trade within a secure closed loop environment controlled by DBS. It, however, urges accredited investors interested in accessing the crypto trading function on its digibank to contact their relationship managers.