DBS, Southeast Asia’s largest bank, says that cryptocurrency trading volumes on its exchange have grown 10 times to around $30 million to $40 million. The bank is also collaborating with JPMorgan on a blockchain settlement platform and plans to launch its first security token offering in the second quarter, its CEO has revealed.
DBS’ Crypto Business Sees Massive Growth
A leading financial services group headquartered in Singapore, DBS, talked about the performance of its crypto exchange during the media briefing for its first-quarter earnings results last week. DBS operates across 18 markets.
The bank launched a “digital exchange” in December last year. DBS Bank CEO Piyush Gupta explained, “Our digital exchange capabilities are much like Coinbase.” He added that “The difference is that Coinbase is mass-market retail while we have been judicious by offering this to accredited investors and institutional counterparties to start…