DBS Private Bank announced today (May 14) that it has launched a trusted solution for cryptocurrencies through the bank’s 100% trust company, DBS Trustee.
This will allow its private banking clients to invest, hold and manage digital assets. Previously, this was only accessible to institutional and accredited investors.
The Trust Offer only applies to Bitcoin, Ether, Bitcoin Cash, and XRP, which are the four cryptocurrencies hosted on DBS Digital Exchange.
DBS Private Bank launched a trusted solution for cryptocurrencies through the bank’s 100% trust company, DBS Trustee, to enable its private banking clients to invest, hold and manage digital assets .
While announcing his latest results, DBS CEO Piyush Gupta also shared information about his digital cryptocurrency exchange which launched last year.
According to DBS, the digital exchange has a daily trading volume of between S $ 30 million and S $ 40 million. It currently has 120 investors on board.
By 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.
Along with the decision to launch its trusted solution comes the rapid growth in interest in cryptocurrency investments. Many private banks are also adding services to meet the growing interest in crypto assets among high net worth clients.
Earlier this year, Morgan Stanley became the first U.S. bank to offer high net worth clients access to Bitcoin funds. Goldman Sachs also announced plans to offer Bitcoin and other digital assets this quarter.
“In recent years, more and more clients have expressed interest in or are already invested in digital assets, and we expect this trend to accelerate as cryptocurrencies become more and more mainstream. Our trust structure allows clients to hold these assets in a convenient way, with the peace of mind that they will be managed securely and passed on to their intended beneficiaries, ”said Joseph Poon, Head of DBS Private Bank Group, in A press release.
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