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
-$1,679.33-3.96% Volume 41.88 b Change -$1,679.33 Open $42,407.37 Circulating 18.82 m Market Cap 798.32 b 39 min Crypto Investors Approaching Large Institutions in Bond Market for Loans Against Digital Assets 1 h Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 2 h Twitter Chooses “Global, Barrier-Less Option” for Tipping and to Help Creators Join the “Decentralized Internet” ETH -7.49% Ethereum / USD ETHUSD $ 2,903.29
-$217.46-7.49% Volume 25.15 b Change -$217.46 Open $2,903.29 Circulating 117.66 m Market Cap 341.59 b 1 h Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 2 h JPMorgan says Institutional Investors Have Shown A 'Strong Preference' for Ethereum Over Bitcoin Since August 20 h 1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees BCH -6.64% Bitcoin Cash / USD BCHUSD $ 509.35
-$33.82-6.64% Volume 5.66 b Change -$33.82 Open $509.35 Circulating 18.85 m Market Cap 9.6 b 1 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 2 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time XRP -6.54% XRP / USD XRPUSD $ 0.93
-$0.06-6.54% Volume 4.63 b Change -$0.06 Open $0.93 Circulating 46.72 b Market Cap 43.51 b 1 d SEC Scores Minor Victory Against Ripple As Court Rejects Employee Trading History Motion 1 w Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 1 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits 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.”