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Southeast Asia's largest financial institution, DBS, says the buying and selling quantity on its cryptocurrency alternate has elevated tenfold

DBS, Southeast Asia's largest bank, says the volume of cryptocurrency trading on its exchange has increased ten times, to around $ 30 million to $ 40 million. The bank is also working with JPMorgan on a blockchain settlement platform and plans to launch its first security token offering in the second quarter, the CEO announced.

DBS 'crypto business is experiencing massive growth

A leading financial services company headquartered in Singapore, DBS, spoke about the results of the first quarter during the press conference last week about the results of its crypto exchange. DBS operates in 18 markets.

The bank started a “digital exchange” in December last year. Piyush Gupta, CEO of DBS Bank, stated, “Our digital exchange functions are similar to Coinbase's.” He added, “The difference is that Coinbase is a mass retail business whereas we initially offered this to accredited investors and institutional counterparties . "

"Despite the careful expansion," emphasized the DBS boss:

The numbers for the first quarter were encouraging … $ 80 million in assets under custody, trading volume increased ten times to $ 30 million to $ 40 million.

"We have 120 customers with a pipeline of hundreds more," continued Gupta, adding, "We hope to have the first security token offering in the second quarter."

The bank said at launch, "The DBS Digital Exchange will offer exchange services between four fiat currencies (SGD, USD, HKD, JPY) and four of the most established cryptocurrencies, namely bitcoin, ether, bitcoin cash and XRP."

The DBS CEO also stated last week that DBS, in partnership with investment bank JPMorgan and Temasek, formed a technology company to "create a platform to change the way cross-border payments and billing work". He stated that currently "cross-border payments and billing are constrained by a T + 2 problem" and that "blockchain can change the paradigm".

What do you think of the growth of DBS 'crypto business? Let us know in the comments below.

Tags in this story

Blockchain, DBS, DBS Bitcoin, DBS Crypto, DBS Crypto Exchange, DBS Crypto Trading, Jpmorgan, Settlement, Singapore, Southeast Asia, Trading Volume

Photo credit: Shutterstock, Pixabay, Wiki Commons

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