Singapore's DBS Bank Extends Cryptocurrency Services to 100k Customers

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According to an announcement via Bloomberg, Singapore's state-owned DBS Bank has expanded its cryptocurrency trading services to over 100.000 investors.

DBS customers will trade virtual currencies through a members-only decentralized exchange, DDEx.

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The initial service allows customers to trade the top four cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BitcoinCash (BCH) and Ripple (XRP).

Despite the current negative market situation and tightening policies by US regulators, cryptocurrencies continue to gain more and more acceptance.

In addition, customers in this program will be required to invest a minimum amount of 500 dollars.

The bank came up with this development after noticing a large increase in transactions on DDEx. This insider exchange has seen an increase four times in July compared to April. 

A representative of DBS bank added:

Cryptocurrency holdings make it easy for clients to capture investments across traditional and alternative asset classes.

Furthermore, one of the bank's executives went on to say that DBS wants “helping investors looking to dip their toes in crypto seamlessly and securely.”

Currently, after expanding the DBS digital ecosystem, about 100.000 customers in Singapore will be able to access digital asset trading.

In August, DBS Bank also obtained a license from the Monetary Authority of Singapore (MAS).

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