- 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.