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 -3.96% Bitcoin / USD BTCUSD $ 42,407.37
Volume 41.88 b Change -$1,679.33 Open $42,407.37 Circulating 18.82 m Market Cap 798.32 b
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ETH -7.49% Ethereum / USD ETHUSD $ 2,903.29
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Volume 5.66 b Change -$33.82 Open $509.35 Circulating 18.85 m Market Cap 9.6 b
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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.”

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