Singapore’s DBS Bank Plans To Cryptocurrency Trading Desk By the End Of This Year

DBS bank (which is based in Singapore) has disclosed its agenda to introduce a desk for the retail trading of crypto till the 2022’s end after having formerly initiated a desk for organizational trading of digital assets in the previous year. On being enquired about the venue in between an earnings call following the release of the results of the fourth quarter thereof on 14th February, Piyush Gupta (the CEO) admitted that some additional work is required to be done, however, the bank assess to make it operational till the end of this year.

Enhancing the trading desk’s efficiency

He mentioned that they are carrying out the primary work incorporating an expansion in the present investor base of the platform. In his words, the venue needs for doing substantial work over the anti-fraud mechanism as well as the compatibility of the structure of the company. The CEO added that the current year’s initial half would be specified by the bank to make a significant improvement in the convenience provided to the customers in the utility of the trading desk dealing with the digital assets.

To order crypto through the phone, the users presently ought to ask a representative from the bank. As per Gupta, the firm intends to make the facility online as a self-service. Extra information regarding the crypto trading venue, like if the consumers would be allowed to transfer their digital assets obtained on it to the rest of the crypto wallets or providers, has yet to be declared on the behalf of DBS.

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Advancement in the promising sector

In the meantime, a licensing agenda covering the operations of retail crypto exchanges is being worked on by the MAS (Monetary Authority of Singapore). Last, but not least, as resulted from the amplified scale of attention given by the concept of Metaverse world, Daryl Ho (the experienced investment strategist at DBS Bank) pointed out in the latter part of November 2021 that the most prominent names of the crypto market are in advance adopting the latest trends of digitalization.

He moved on to reveal that the respective world is extremely promising and burgeoning with having a considerable majority of the population entering it rapidly. The sector of the metaverse will make a further leap into the potential benefits to be received by the consumers from the crypto world.