DBS launches self-directed crypto trading function in DBS digibank app for accredited wealth clients
Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (DDEx) through DBS digibank at their convenience.
DBS has announced that it has rolled out self-directed crypto trading via DBS digibank, enabling wealth clients who are accredited investors to trade cryptocurrencies on DDEx at their convenience. This latest move provides more seamless and hassle-free access to DDEx, one of the world’s first bank-backed digital exchanges.
Previously, crypto trading on DDEx was limited to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client only. With this latest initiative, the service is now available to accredited investors in the DBS Treasures segment as well. For a start, an estimated 100,000 investors in Singapore meet this criteria, and are eligible to access the services offered by DBS' digital assets ecosystem.
Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank said: “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. 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.”
The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options, with nine out of 10 equity transactions executed digitally today.
Starting from a minimum investment sum of USD 500, accredited wealth clients can seamlessly trade four of the more established cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, XRP) on DDEx at their convenience. Having their cryptocurrency holdings reflected alongside the rest of their portfolio in DBS digibank also makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.
Accredited investors who are interested in accessing the crypto trading function on DBS digibank can contact their relationship managers. The bank is also working on enhancing other aspects of the user journey to make it even more seamless, such as by digitalising the onboarding process, which is slated for rollout in 2023.