DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very rapidly.” The bank’s digital asset trading platform expects to double the number of members by year-end.
Singapore’s DBS Expects Substantial Growth in Crypto Business
DBS’s senior executives said in an interview, published by Reuters Monday, that the bank is seeing robust demand from corporate investors, accredited individuals, and investment firms that manage assets of wealthy families.
The executives added that the bank expects the number of members trading on its cryptocurrency exchange platform to double by the end of December and grow by 20-30% annually for the next three years.
Eng-Kwok Seat Moey, head of capital markets at DBS and chairperson of the exchange, commented:
We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.
The bank launched its crypto trading platform, DBS Digital Exchange, in December as a member-only bourse. It currently offers…