Blockchain, DBS, dbs bitcoin, dbs crypto, DBS crypto exchange, DBS crypto trading, jpmorgan, Settlement, Singapore, Southeast Asia, trading volumes

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 with.â€

“Even with the careful expansion,†the DBS CEO emphasized:

“We have 120 customers with a pipeline of hundreds more,†Gupta continued, adding that “We hope to do the first security token offering in the second quarter.â€

The bank said at launch that “The 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 “to create a platform to change the way cross-border payments and settlements work.†He explained that currently “cross-border payments and settlements are constrained by a T+2 problem,†noting that “Blockchain can change the paradigm.â€

What do you think about DBS’ crypto business growth? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Hundreds of Banks in US to Allow Customers to Buy, Sell, Hold Bitcoin Through Existing Bank Accounts

Hundreds of banks in the U.S. will reportedly start offering access to bitcoin to their customers this year, thanks to a partnership between Fidelity National Information Services and the New York Digital Investment Group. Hundreds of banks have enrolled to participate in the program as they see funds moving from bank accounts to crypto exchanges. […]

Xem chi tiết: Hundreds of Banks in US to Allow Customers to Buy, Sell, Hold Bitcoin Through Existing Bank Accounts

It’s Time: UFC to Launch Fan Token for Millions Around the World

UFC, the world’s largest MMA promotion, is preparing to mint its own token. The company, which has played a key role in the rise of the combat sport’s popularity, now wants to provide a growing fan base with access to exclusive content, rights, and rewards using blockchain technology. UFC Fan Token to Have a Maximum […]

Xem chi tiết: It’s Time: UFC to Launch Fan Token for Millions Around the World

JPMorgan Boss Jamie Dimon Says ‘I Don’t Care About Bitcoin’ but Clients Are Interested

JPMorgan CEO Jamie Dimon has reaffirmed his stance on bitcoin while acknowledging that his bank’s clients are interested in the cryptocurrency. “I don’t tell clients what to do,†he said while emphasizing that he does not care about bitcoin. Jamie Dimon Has No Interest in Bitcoin but His Clients Do Jamie Dimon talked about bitcoin […]

Xem chi tiết: JPMorgan Boss Jamie Dimon Says ‘I Don’t Care About Bitcoin’ but Clients Are Interested

Hundreds of Banks in US to Allow Customers to Buy, Sell, Hold Bitcoin Through Existing Bank Accounts

Hundreds of banks in the U.S. will reportedly start offering access to bitcoin to their customers this year, thanks to a partnership between Fidelity National Information Services and the New York Digital Investment Group. Hundreds of banks have enrolled to participate in the program as they see funds moving from bank accounts to crypto exchanges. […]

Xem chi tiết: Hundreds of Banks in US to Allow Customers to Buy, Sell, Hold Bitcoin Through Existing Bank Accounts

Star Wars Collectibles Go Digital as Collections Embrace NFTs

More than 800 limited edition collectibles, some from shooting scenes, are set to go to auction on the Starcoll NFT marketplace, as a large collector leverages blockchain technology for one of the most storied movie franchises in history. Early Registration Timed for May The 4th (Be With You) In a growing sign of the times, […]

Xem chi tiết: Star Wars Collectibles Go Digital as Collections Embrace NFTs

Spanish Healthcare Group to Accept Cryptocurrency Payments, Citing Interest in ‘Bitcoin Revolution’

Cryptocurrency regulation is still an ongoing topic for the Spanish government and regulators, with some not too friendly measures against crypto ads or enhancing tax rules. However, adoption is on the rise in different industries, and the healthcare sector is joining the frenzy. Patients Could Pay With Digital Assets Starting June 1 According to Forbes […]

Xem chi tiết: Spanish Healthcare Group to Accept Cryptocurrency Payments, Citing Interest in ‘Bitcoin Revolution’

Bitcoin vs Ethereum: Investment Bank JPMorgan Explains Why ETH Is Outperforming BTC

Investment bank JPMorgan has published a report explaining why ether is outperforming bitcoin. Citing several key reasons, the firm concluded that “there is evidence of more resilient liquidity, less reliance on derivatives markets to transfer and warehouse risk, and more durable underlying demand base – for now at least.†JPMorgan Says Ether Outperforms Bitcoin JPMorgan […]

Xem chi tiết: Bitcoin vs Ethereum: Investment Bank JPMorgan Explains Why ETH Is Outperforming BTC

Cardano Blockchain Infrastructure Selected in a New Drive to Bring Sustainable Internet Connectivity to Zanzibar and Tanzania

In its foray into Africa, Input Output, a research and development product engineering company, says it will partner with World Mobile Group in a new initiative aimed at bringing sustainable internet connectivity to users in Zanzibar and Tanzania. According to the partnership agreement, the Cardano blockchain infrastructure will be used to provide affordable network nodes […]

Xem chi tiết: Cardano Blockchain Infrastructure Selected in a New Drive to Bring Sustainable Internet Connectivity to Zanzibar and Tanzania

Bitcoin vs Ethereum: Investment Bank JPMorgan Explains Why ETH Is Outperforming BTC

Cardano Blockchain Infrastructure Selected in a New Drive to Bring Sustainable Internet Connectivity to Zanzibar and Tanzania

European Investment Bank Distributes $121 Million in Ethereum-based Digital Bonds

Ethiopia Links up With Cardano Creator to Launch the Country’s Biggest Blockchain Deployment Yet

Ethiopia Links up With Cardano Creator to Launch the Country’s Biggest Blockchain Deployment Yet

Hip-Hop Legend Eminem Launches Beat-Inspired Animated NFTs for Stans

Ripple’s Chris Larsen Believes Bitcoin Dominance Could Fall Over Proof-of-Work’s Energy Consumption

Blockchain Object Storage Company Filebase Raises $2M, Aims to Incorporate Filecoin and Arweave Networks