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- Asia’s most prominent and safest banking and financial service institution, DBS Bank Ltd., launched a bank-backed crypto trust service.
- Asia’s first crypto trust, offering direct access to BTC, ETH, BCH, and XRP, allows safe, secure, and structured crypto investment and management.
- DBS Private’s trust builds on the success of its previously launched digital asset exchange.
The Singaporean multinational financial services corporation, DBS Bank Ltd., is now the first Asian bank to offer direct access to cryptocurrencies. The launched bank-backed crypto trust service will provide custody and trading options in Bitcoin, Ether, Bitcoin Cash, and XRP to its private banking clients.
Bank-Backed Crypto Trust Service
DBS Group Holdings Ltd (SGX: D05), Asia’s largest and safest banking service, is offering cryptocurrency investment and management in a safe, secure, and structured manner, reported Bloomberg on Friday.
DBS’ Digital Asset Exchange
The direct crypto access offered to DBS Private’s wealthiest clients builds on the success of its December 2020-launched digital asset exchange. The exchange provides a fully integrated tokenization, trading, and custody ecosystem for digital assets to its institutional and accredited investors.
In the first quarter of 2021, DBS’ digital exchange reported assets under custody worth $60 million, with a ten-fold increase in trading volume.
Safest Trust Structure
Joseph Poon, group head at DBS Private Bank, explained that the “trust structure” assures safe management and transfer of the assets to their intended beneficiaries, promising the utmost comfort and satisfaction to its asset holding clientele.
Traditional financial Institutions Shift
Bank’s this move, to further explore the crypto space, comes amid the wave of traditional financial institutions gravitating towards crypto-centric product offerings. The list includes JPMorgan Chase & Co., Goldman Sachs Group Inc, Morgan Stanley, and more.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
