DBS, Southeast Asiaâ€™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.
DBSâ€™ 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 â€œdigital exchangeâ€ in December last year. DBS Bank CEO Piyush Gupta explained, â€œOur digital exchange capabilities are much like Coinbase.â€ He added that â€œThe difference is that Coinbase is mass-market retail while we have been judicious by offering this to accredited investors and institutional counterparties to start with.â€
â€œEven with the careful expansion,â€ the DBS CEO emphasized:
â€œWe have 120 customers with a pipeline of hundreds more,â€ Gupta continued, adding that â€œWe hope to do the first security token offering in the second quarter.â€
The bank said at launch that â€œThe DBS Digital Exchange will offer exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established cryptocurrencies, namely bitcoin, ether, bitcoin cash and XRP.â€
The DBS CEO also explained last week that DBS has set up a technology company in collaboration with investment bank JPMorgan and Temasek â€œto create a platform to change the way cross-border payments and settlements work.â€ He explained that currently â€œcross-border payments and settlements are constrained by a T+2 problem,â€ noting that â€œBlockchain can change the paradigm.â€
What do you think about DBSâ€™ crypto business growth? Let us know in the comments section below.
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