Retail investors will be able to trade cryptocurrency with DBS Bank
Following the launch of its own institutional-grade digital asset exchange, Singapore’s DBS Bank intends to expand its offerings, this time with a focus on retail investors.
Piyush Gupta, CEO of DBS, feels that expansion plans will take significant effort. However, he anticipates launching the platform by the end of the year. The CEO recently stated during a discussion about the company’s revenue:
We have begun preliminary work to broaden our company’s investor pool beyond authorized investors. We have a great deal of work ahead of us regarding the appropriateness and anti-fraud measures. However, by the end of the year, we should have something.
Additionally, the CEO said that DBS will prioritize “easy access to a retail, digital asset-focused platform for its existing customer base in the first half of the year.” For the time being, users must contact a banker by phone to purchase bitcoins. On the other hand, the bank wants to automate this process by permitting quick deposits and online transactions without the use of intermediaries. The institution’s president stated in response to the latest development step:
What’s happening is that we operate 24/7, but customers still have to call and talk to bankers. The first thing in line is to do it all online, on your own, instantly, and be sure that your internal processes are robust enough to be able to support it.
Additionally, Gupta stated that the bank anticipates considerably expanding its cryptocurrency trading platform shortly after its introduction. However, he has not disclosed any other information regarding the upcoming service.