Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies
Meanwhile, the bank’s Digital Exchange did volume between $30 million to $40 million and held $80 million in assets under custody in Q1 2021.
Singapore-based DBS Bank said on Friday that its private banking arm is now officially offering wealth succession planning for cryptocurrencies.
This latest move by Southeast Asia’s largest bank follows the launch of its crypto exchange, DBS Digital Exchange, for institutional and accredited investors late last year. In Q1, the digital exchange held $80 million in assets under custody with trading volume up 10x to $30 million to $40 million.
DBS’s digital exchange has 120 clients and “a robust pipeline awaiting onboarding.” The bank said the exchange is working on conducting its first security token offering and expanding the operating hours from Asia time zones to round the clock to match the crypto sector.
Now, the bank is helping its rich clients, including the crypto asset class, in their succession plans.
DBS said its subsidiary is offering private banking client support for investing, custody, and managing crypto assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), and XRP. BTC -2.83% Bitcoin / USD BTCUSD $ 37,688.06
-$1,066.57-2.83% Volume 36.83 b Change -$1,066.57 Open $37,688.06 Circulating 18.74 m Market Cap 706.18 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 11 h China’s State Media Promotes Bitcoin Miners Going Green in Country & Points to Wasted Energy 12 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period ETH -3.43% Ethereum / USD ETHUSD $ 2,340.16
-$80.27-3.43% Volume 21.66 b Change -$80.27 Open $2,340.16 Circulating 116.34 m Market Cap 272.24 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 10 h Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program 12 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period BCH -2.99% Bitcoin Cash / USD BCHUSD $ 592.88
-$17.73-2.99% Volume 1.38 b Change -$17.73 Open $592.88 Circulating 18.77 m Market Cap 11.13 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 1 w PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln 1 w Aggrieved Coinbase Customers Locked Out of their Accounts Drag Exchange To Court XRP -2.08% XRP / USD XRPUSD $ 0.84
-$0.02-2.08% Volume 2.54 b Change -$0.02 Open $0.84 Circulating 46.21 b Market Cap 38.81 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 1 d Court Denies SEC's Request For Documents Relating To Ripple's Lobbying Efforts 6 d Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation Lee Woon Shiu, regional head of family office, wealth planning, and insurance solutions at DBS Private Bank, said in a statement,
“International regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them.”