DBS Provides 4 Cryptocurrency Trading Options To Premium Clients In Singapore

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DBS, a Singapore-based banking conglomerate, announced Friday that it has launched crypto trading via its digibank, allowing accredited investors to trade four cryptocurrencies on its digital exchange.

Along with the majority of current digital transactions. The launch of the crypto trading feature coincides with an increase in self-directed options among DBS wealth clients.

Accredited premium clients can trade four of the more established cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and XRP, on its digital exchange for a minimum investment of USD 500. (DDEx).

“Having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes,” said Singapore’s largest bank.

A senior DBS executive commented on the latest development, saying that it would help their clients grow and protect their wealth. DBS Bank Group Executive, Consumer Banking and Wealth Management, Sim S. Lim, stated:

“We believe in staying ahead of the curve and giving our customers access to the solutions they need.” “Expanding access to DDEx is yet another step in our efforts to provide sophisticated investors interested in dabbling in cryptocurrencies with a seamless and secure way to do so.”

DBS’ digital asset ecosystem will be available to approximately 100,000 Singapore clients.

According to the statement, cryptocurrency trading on DDEX was initially “restricted to corporate and institutional investors, family offices, and DBS Private Bank and DBS Treasures Private Client only.” In its Treasures segment, the latest service would also be available to accredited investors.

DBS launched a digital exchange about two years ago and received a cryptocurrency license from Singapore’s Monetary Authority (MAS) last year.

Several crypto or digital exchanges, including Celsius and Three Arrow Capital, have declared bankruptcy in the midst of a volatile environment and downturn in the crypto market (3AC). Singaporean regulators are increasing their oversight of digital asset firms in order to meet local regulatory and compliance requirements. The Monetary Authority of Singapore (MAS) recently prohibited crypto advertisements from being displayed at F1 racing sports events.

Disclaimer:- Investing in bitcoin and different preliminary coin choices is extremely dangerous and speculative. Because every particular person’s scenario is exclusive, a certified skilled ought to at all times be consulted earlier than making any monetary choices. The Crypto Kingdom makes no representations or warranties as to the accuracy or timeliness of the knowledge contained herein.

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