Accredited investors will be able to trade cryptocurrencies on the DBS Digital Exchange using a new feature called “self-directed crypto trading” (DDEx).
In the past, only institutional investors, family offices, and DBS private bank clients were able to trade cryptocurrency on the DDEx.
But now, with the release of its self-directed cryptocurrency trading feature, Singapore-based DBS will give this ability to accredited investors in the DBS Treasures segment.
For starters, about 100,000 of these clients in Singapore will be able to use the services offered by DBS’ digital asset ecosystem.
“Expanding access to DDEx is another step in our plan to make it easy and safe for sophisticated investors to try out cryptocurrencies,” says Sim S. Lim, the Bank’s group executive in charge of consumer banking and wealth management.
The launch of the cryptocurrency trading feature comes at a time when DBS admits that its high-net-worth clients are choosing self-directed options more and more. Today, nine out of ten equity transactions are done digitally.
Accredited wealth clients will be able to trade Bitcoin, Bitcoin Cash, Ethereum, and XRP on the DDEx with a minimum investment of $500. The DBS digibank app will show their cryptocurrency holdings along with the rest of their portfolio.
People have been looking forward to this new feature for a long time. In a recent statement, the bank said that it is working on other parts of the service and that a digital onboarding process will be available in 2023.
Cryptocurrencies continue to be popular, and more and more investors are adding them to their portfolios. According to Capgemini’s World Wealth Report 2022, 71% of high-net-worth people around the world and 91% of those younger than 40 have invested in digital assets.
Well-regulated digital exchanges like DDEx have done well even when the market is unstable. For example, between April and June 2022, when volatility in cryptocurrency markets started to rise, the number of trades on DDEx doubled and the amount of bitcoin bought went up by almost four times. – Online
