The DBS private bank, which is the biggest bank of Singapore and is also one of the largest asset managers in Asia, has announced that they will launch the crypto trust solution. This news was announced amid the record-breaking increase in the demand for digital assets in the Asia region.
The bank mainly supports four digital currencies!
Previously in December 2020, the DBS bank had already settled up a cryptocurrency exchange. Now the banking colossal is starting to expand its crypto-related services with its entirely trusted company that is DBS trustee. The novel cryptocurrency trust will allow the customers of DBS bank to invest their money in cryptocurrencies. The bank stated that the customers of DBS bank would be able to store and manage all the crypto assets on their own. The four leading cryptocurrencies which are going to be offered by the bank of Singapore are bitcoin, Ethereum, ripple, and bitcoin cash. However, this can also get modified in the near future, but right now, there are no plans for making an amendment to this plan.
The president of DBS private bank in Singapore, Joseph Boone, has said that their structures will make it very easy for the customers to hold the crypto assets while making sure that they are managed safely and transferred to the beneficiaries which were intended. The bank has expected this trend to accelerate because cryptocurrency and bitcoin era has now become very popular all around the world.
This expansion was honestly expected!
Well, the thing is that it was really expected that the bank is going to expand its services related to cryptocurrencies. The company has also seen a remarkable increment in the trading of cryptocurrency volume this year. You will be surprised to know that the current volume of cryptocurrency has increased by ten times than that of the last year. Singapore’s biggest bank is now planning to launch a security token on digital currency exchanges in the second quarter of the year.
In addition to all these things, the bank has also been in a partnership with JP Morgan that is an investment bank, and Temasek, which is the state investment company. They are working together to improve the payments that are made at a cross border with the new institution that is entirely focused on blockchain technology. The DBS venture into declaring the crypto services will challenge the domination of grayscale investments in the US market.