Earlier last week, Singapore’s largest bank, DBS, announced his latest gains. It reported a 72% increase in net income during the three months ending March 2021.
The bank also recorded a net profit of A $ 2 billion during the same period, compared to US $ 1.17 billion a year earlier.
In addition to highlighting the recovery of the bank’s commercial publication COVID-19, CEO Piyush Gupta also shared information about its digital cryptocurrency exchange that was launched last year.
S $ 30 – S $ 40 million daily trading volume
According to DBS, the digital exchange, which is currently only open to accredited investors, has one daily trading volume between $ 30 million and $ 40 million. It currently has 120 investors on board.
DBS said they have “hundreds more customers, probably thousands of customers waiting in line” to become investors.
“We’re thinking a little bit about how we incorporate them, similarly in terms of assets,” shared CEO Piyush Gupta.
In comparison, Binance, the world’s largest cryptocurrency exchange, has a daily trading volume of US $ 46 billion. The second largest exchange, Coinbase, has a daily trading volume of US $ 6 billion.
DBS sees a strong interest in cryptocurrency trading and digital custody capability
When asked about the potential growth of digital exchange, CEO Piyush he shared an optimistic view of the future of cryptocurrency.
I think that, given the amount of interest in the four crypts we market now, that interest is pretty high. And so I think he will recover. But if it reaches tens of millions or hundreds of millions of revenue over the next few years, it’s hard to say. So my thought is that we should get into it, understand it and grow it, and then we’ll have a better idea of the size it could have over time.
Piyush Gupta, CEO of DBS
Beyond the cryptocurrency trade, there is also great interest in whether the bank will allow the custody of digital currency.
“As for digital custody, we now have a lot of approaches from other exchanges that want to use us for digital custody capacity, because it’s obviously superior,” Piyush said.
CEO Piyush: Blockchain is a game changer for currency settlement
While DBS is trying to retain and gain more market share in the financial space, the bank has been actively exploring new revenue opportunities.
Aside from the digital exchange it launched last December, DBS has done the same announced an association with Temasek and JP Morgan last week to create a new blockchain-based global payment platform.
Called Partior, it aims to break the traditional “hub and speak” model of cross-border payments, resulting in more efficient clearing and settlement of payments.
“What allows you to make the blog chain is to take it and democratize it on a large scale for any counterpart in the world. I will not limit it to places as set out in an agreement. And therefore anyone from this platform can actually pay in real time instantly. So your security clearance, FX settlement, active payment settlement you do it in real time. I think this is the game changer and it is much better than the current expatriate infrastructure, including Swift infrastructure, ”added CEO Piyush.
Cryptocurrency and blockchain technology is a key content pillar for Vulcan Post and we will continue to cover the development of this space. You can follow our coverage here.
Featured Image Credit: CNBC