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Singapore’s largest bank launches self-directed crypto desk for accredited investors

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(Kitco News) – DBS Group Holdings Ltd., Singapore’s largest bank, has announced the launch of a new self-directed crypto trading service for accredited investors, allowing them to trade cryptos on DDEx, one of the world’s first bank-backed digital exchanges.

Prior to this development, crypto trading on DDEx was only available to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client.

Now accredited investors in the country can also access the crypto trading desk. It is estimated that 100,000 investors in Singapore meet this requirement.

According to DBS, the launch of its new crypto trading capability comes as DBS wealth clients are “increasingly choosing self-directed options, with nine out of ten stock trades being executed digitally today.”

Despite the fact that only accredited investors are allowed, the minimum investment required is only $500 and the available cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and XRP.

DBS emphasized that customer security is one of its key areas of focus, as all customer transactions take place “within a secure, closed-loop environment operated by DBS.” At the same time, the institutional custody solution leverages “100% air-gap cold storage technology with a layered security architecture to manage cybersecurity risks.”

With the addition of crypto trading services, wealth clients at DBS have access to the full spectrum of asset classes – including stocks, bonds, forex and now cryptocurrencies – giving them a consolidated picture of all their investments in one place.

“Thus, by understanding their portfolio as a whole, clients are better able to monitor and manage their wealth and make more informed decisions,” DBS said in its announcement.

“As a trusted partner in helping our clients grow and protect their wealth, we believe in being ahead of the curve and providing access to the solutions they are looking for,” Sim S. Lim, Group Executive, Consumer Banking and Wealth Management at DBS Bank said in a statement. “Expanding access to DDEx is another step in our effort to provide a seamless and secure way for discerning investors looking to dip their toes into cryptocurrencies.”

DBS has been working to launch crypto trading services for institutional investors since it first announced the possibility in 2020. In early 2022, the bank announced that its retail digital asset trading desk would launch by the end of 2022.

The bank is also working to improve various aspects of its platform to make the user experience more enjoyable, such as digitizing the onboarding process, which is expected to take place in 2023.

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