DBS has rolled out self-directed crypto trading, enabling wealth purchasers who’re accredited buyers to commerce cryptocurrencies on DDEx.
With purchasers’ financial institution accounts and DDEx custody accounts seamlessly linked by way of DBS digibank, purchasers’ funds could be straight debited.
Ranging from a minimal funding sum of US$500, accredited wealth purchasers will be capable of commerce 4 cryptocurrencies specifically 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 purchasers of DBS Non-public Financial institution and DBS Treasures Non-public Consumer solely.
With this newest initiative, the service is now accessible to accredited buyers within the DBS Treasures phase as properly.
For a begin, some 100,000 of those purchasers in Singapore will be capable of entry the providers provided by DBS’ digital asset ecosystem.
Shoppers may have their cryptocurrency holdings mirrored alongside the remainder of their portfolio in DBS digibank.
The financial institution mentioned that accredited buyers who’re occupied with 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 facets of the person journey to make it much more seamless, reminiscent of by digitalising the onboarding course of, which is slated for rollout in 2023.
Based on DBS, the overall variety of trades on DDEx doubled and the amount of bitcoin purchased rose practically 4 instances between the months of April and June 2022 when volatility in cryptocurrency markets began growing.
Sim S. Lim
Sim S. Lim, Group Government, Client Banking and Wealth Administration at DBS Bank mentioned,
“As a trusted companion that helps our purchasers to develop and defend their wealth, we imagine in staying forward of the curve and offering entry to the options they search.
Broadening entry to DDEx is one more step in our efforts to offer refined buyers trying to dip their toes in cryptocurrencies with a seamless and safe method to take action.”
