Singapore’s biggest bank plans to grow its cryptocurrency and digital assets business despite the crypto bear market, saying it wants to expand its digital exchange and offer services to more of its 300,000 wealthy clients in Asia.
Piyush Gupta, chief executive of DBS since 2009, said the crypto market downturn proved that established and regulated financial institutions, rather than just start-ups, should be offering products such as digital asset trading for retail investors.
The bank’s brokerage arm last year received a cryptocurrency licence from the Monetary Authority of Singapore, allowing its institutional and wealthy clients access to its DBS Digital Exchange by invitation.
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