DBS Private Bank announced today (May 14) that it has launched a trusted solution for cryptocurrencies through the bank’s wholly-owned trust company, DBS Trustee.
This will allow its private banking customers to invest, custody and manage digital assets. Previously, this was only accessible to institutional and accredited investors.
The trust offering only applies to Bitcoin, Ether, Bitcoin Cash and XRP, which are the four cryptocurrencies hosted on the DBS Digital Exchange.
DBS Private Bank has launched a trusted solution for cryptocurrencies through the bank’s 100% trusted company, DBS Trustee, which allows its private banking customers to invest, safeguard and manage digital assets.
While announcing its latest earnings, DBS CEO Piyush Gupta also shared information about its digital cryptocurrency exchange that was launched last year.
According to DBS, digital exchange has one daily trading volume between $ 30 million and $ 40 million. It currently has 120 investors on board.
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.
The step to launch your trusted solution comes with the rapid growth of interest in cryptocurrency investments. Many private banks are also adding services to cater to the growing interest in cryptographic assets among customers with high net worth.
Earlier this year, Morgan Stanley became the first U.S. bank to offer wealthy customers access to Bitcoin funds. Goldman Sachs also announced plans to offer Bitcoin and other digital assets this quarter.
“In recent years, more customers have expressed interest or are already investing in digital assets, and we expect this trend to accelerate as cryptocurrencies become more common. Our trust structure allows customers to conveniently maintain these assets, with Which will be managed securely and transferred to its intended beneficiaries, “said Joseph Poon, group leader of DBS Private Bank Press release.
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