DBS has rolled out self-directed crypto buying and selling, enabling wealth shoppers who’re accredited buyers to commerce cryptocurrencies on DDEx.
With shoppers’ financial institution accounts and DDEx custody accounts seamlessly linked by way of DBS digibank, shoppers’ funds will be instantly debited.
Ranging from a minimal funding sum of US$500, accredited wealth shoppers will have the ability to commerce 4 cryptocurrencies particularly Bitcoin, Bitcoin Money, Ethereum, and XRP.
Beforehand, crypto buying and selling on DDEX was restricted to company and institutional buyers, household places of work, and shoppers of DBS Personal Financial institution and DBS Treasures Personal Consumer solely.
With this newest initiative, the service is now out there to accredited buyers within the DBS Treasures section as properly.
For a begin, some 100,000 of those shoppers in Singapore will have the ability to entry the providers provided by DBS’ digital asset ecosystem.
Purchasers could have their cryptocurrency holdings mirrored alongside the remainder of their portfolio in DBS digibank.
The financial institution mentioned that accredited buyers who’re thinking about accessing the crypto buying and selling operate on DBS digibank can contact their relationship managers.
DBS added that it’s also engaged on enhancing different points of the person journey to make it much more seamless, similar to by digitalising the onboarding course of, which is slated for rollout in 2023.
In accordance with DBS, the overall variety of trades on DDEx doubled and the amount of bitcoin purchased rose practically 4 occasions between the months of April and June 2022 when volatility in cryptocurrency markets began growing.
Sim S. Lim
Sim S. Lim, Group Government, Shopper Banking and Wealth Administration at DBS Financial institution mentioned,
“As a trusted accomplice that helps our shoppers to develop and shield their wealth, we consider in staying forward of the curve and offering entry to the options they search.
Broadening entry to DDEx is yet one more step in our efforts to supply refined buyers seeking to dip their toes in cryptocurrencies with a seamless and safe means to take action.”
