DBS, one of Singapore’s largest financial institutions, expects the number of cryptocurrency exchange clients opened for institutional investors in December 2020 to double by the end of December. DBS Group also expects the number of customers to increase between 20 and 30 percent each year for the next 3 years.
DBS Digital Bora currently has around 400 customers and the figure is expected to reach 1,000 by the end of the year.
In an interview with group executives, it was stated that DBS Digital Exchange, which was established for private clients in December 2020, started to receive more demand from institutional companies, accredited investors and investment companies.
“Corporate firms are exploring crypto and digital”
Eng-Kwok Seat Moey, who is the head of the capital markets department of the group as well as the chairman of the board of the stock market, used the following statements:
“We are experiencing very rapid growth. Investors are gradually starting to explore cryptocurrencies and digital assets.”
They invested billions of dollars in technology
DBS Group, which owns one of the largest banks in the South Asian Region, has invested billions of dollars in technology infrastructure in the last 8 years, with CEO Piyush Gupta turning to cloud computing and digitized services. DBS Digital Exchange is also touting itself as the world’s first fully bank-backed digital exchange. Exchange; It offers services such as cryptocurrency trading, asset tokenization and digital custody.
Cryptocurrency volume on the stock market was announced as 133 million dollars in the second quarter of this year.
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