One of the biggest state-owned banks in Singapore, DBS Bank, recently announced that they had expanded their crypto trading services to more than 1 lakh investors, linked to their DBS Treasure section. As per the reports, the clients of this bank will now be able to trade digital coins through a member-only crypto decentralized trading platform, DDex. Initially, it will allow users to trade the top four cryptocurrencies worldwide, including XRP, BTC, BCH, and ETC.
The decentralized exchange will be the future
Despite the downfall of the market and the US regulator’s strict laws and regulations, crypto coins are getting adopted by people for various use cases. The simple reason behind it is its decentralized technology. The various benefits of using such technology have also forced government and private companies worldwide to include digital coins in their systems. The same goes for this state-owned Singaporean bank.
The treasure segment of this bank includes all wealthy clients with assets of more than 240,000 dollars. DBS bank brought this development into its platform and expanded its services after it saw a tremendous increase in the number of crypto transactions on its member-only exchange.
While discussing the self-directed investment service, one of the DBS bank workers said that having their crypto holding makes it easier for the users to stay on top of their investment across any asset class. In addition, one of the bank executives even said that their platform has all their advanced level investment opportunities.
Crypto is being adopted even after the bear market
DBS bank introduced their member-only exchange, DDex, the previous year. And now, after the expansion of the DBS digital ecosystem, around 1 lakh of their users will be able to trade the 4 top cryptocurrencies on the platform.
As per the reports, the market has lost over 2 trillion dollars due to various factors since May 2022, which have created chaos in the industry. Still, the investors cannot find out whether bitcoin is bottoming out. But, the interest in people adopting cryptocurrencies for various use cases is growing larger and larger, which is quite surprising.
What are your thoughts on DBS bank member-only exchange, DDex? How long do you think it will take to list other big cryptocurrencies on their platform? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: JPMorgan sees a downfall in demand for crypto payment options.
