DBS bank will start storing customers’ cryptocurrencies
DBS Private Bank, which is the largest bank in Singapore and one of the key asset managers in the Asia-Pacific region, is launching cryptocurrency custody services through its subsidiary, DBS Trustee. The move was a logical one for the banking organization: in December 2020, seeing the demand for digital assets, the banking giant launched its cryptocurrency trading platform.
The new digital asset service opens up the possibility for bank customers to invest, deposit, and manage their cryptocurrency investments. The line of digital assets currently supported includes bitcoins, Ethereum, XRP, and Bitcoin Cash. These four assets represent the instruments that can be traded through the trading floor opened by the bank.
DBS Private Bank is pleased to note that the growth of cryptocurrency trading turnover on their platform showed a tenfold increase in the first quarter of 2021. The bank plans to start offering sales services for digital assets that have the attributes of securities. The tentative time of launching such a service is by the end of June this year.
The portfolio of DBS Private Bank’s partnerships includes cooperation with Temasek, a state-owned Singapore company, on improvement of international financial transaction processes using blockchain technology.
It is noteworthy that the global banking community is gradually turning towards cryptocurrencies. For example, this year, U.S. bank Morgan Stanley added the possibility of investing in bitcoins to its 12 investment portfolios. Goldman Sachs has confirmed plans to start providing services for investing in cryptocurrencies during the second quarter of 2021. A number of major payment providers are also preparing to open up the possibility for their clients to invest in cryptocurrencies.
