Singapore’s largest bank launches a self-directed crypto desk for accredited investors

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(Kitco News) – DBS Group Holdings Ltd., Singapore’s largest bank, has announced the launch of a new self-directed crypto trading service for accredited investors, enabling them to trade cryptos on DDEx, which is one of the world’s first bank-backed digital exchanges.

Prior to this development, crypto trading on DDEx was only available to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client. 

Now, accredited investors in the country can also access the crypto trading desk. It is estimated that 100,000 investors in Singapore meet this requirement. 

According to DBS, the launch of its new crypto trading feature comes as DBS wealth clients “are increasingly choosing self-directed options, with nine out of 10 equity transactions executed digitally today.”

Despite the fact that only accredited investors are allowed, the minimum investment required is just $500, and the available cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and XRP

DBS stressed that client security is one of its primary focuses, with all client trades taking place “within a secure closed loop environment operated by DBS.” At the same time, its institutional-grade custody solution utilizes “100% air-gapped cold storage technology with a multi-layered security architecture to manage cybersecurity risks.”

With the addition of crypto trading services, wealth clients at DBS have access to the full spectrum of asset classes – including equities, bonds, foreign exchange and now cryptocurrencies – allowing them to have a consolidated picture of all their investments in one place. 

“By understanding their portfolio in its entirety, clients are thus better positioned to monitor and manage their wealth, and make more informed decisions,” DBS said in its announcement. 

“As a trusted partner that helps our clients to grow and protect their wealth, we believe in staying ahead of the curve and providing access to the solutions they seek,” Sim S. Lim, Group Executive, Consumer Banking and Wealth Management at DBS Bank, said in a statement. “Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”

DBS has been working on launching crypto trading services for institutional investors since it first announced the possibility in 2020. Earlier in 2022, the bank revealed that its digital asset trading desk for retail customers will launch by the end of 2022. 

The bank is also working on upgrading various aspects of its platform to help make the user experience a more pleasant one, such as digitalizing the onboarding process, which is expected to occur in 2023. 


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