DBS To Launch A Retail Digital Asset Trading Desk By The End Of 2022.

DBS CEO Piyush Gupta believes there is still a lot of work needs to be done, but the platform should be operational by the end of 2022.

DBS Bank, which started a corporate digital assets trading desk in early 2021, intends to increase its digital assets trading capabilities to retail investors by the end of the year, according to its CEO during an earnings conference Monday.

CEO Piyush Gupta said:

“We are starting the initial work to expand it beyond the current investor base [of accredited investors]. Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”

Gupta also stated that the bank will devote the first half of the year to making access to the digital assets trading desk more accessible for its current customers. Currently, consumers must call a banker to execute a crypto order over the phone. Gupta stated that the objective is to make it online and self-service.

DBS has yet to reveal further information on the platform, such as whether you will be able to move digital assets acquired on it to other providers or wallets.

Singapore’s Monetary Authority has a retail exchange license scheme in place. Binance dropped its licence application in December and recently shut down its local binance.sg exchange.

To keep up with the speed of crypto, the bank recently extended the trading hours of the desk to 24 hours a day, seven days a week. Previously, trading took place during bankers’ hours in Singapore’s time zone.

Lionel Lim, CEO of DBS Digital Exchange (DDEx), recently said that DBS Digital Exchange’s full-year trading volume for 2021 was at $819 million (S$1.1 billion).

Trading volume in the fourth quarter of 2021 was roughly $595.5 million (S$800 million), which was more than double the trading volume in the previous three quarters.

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Patrick

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