DBS has widened crypto access beyond institutional, family office and private banking clients to include its mass affluent segment with the launch of an online offering.
DBS has launched self-directed crypto trading on its mobile banking app DBS digibank, according to a statement.
With the new online offering, access to crypto trading on DBS Digital Exchange (DDEx) has now been extended to include DBS Treasures clients. Previously, crypto trading was limited to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Clients.
Clients that seek to open an account with DBS Treasures require at least S$350,000 ($246,000) of investable assets. The threshold is S$1.5 million for DBS Treasures Private Client and S$5 million for DBS Private Bank.
Rising Demand
Despite continued volatility, crypto trading demand has been rebounding at DBS. According to the bank, the total number of trades more than doubled and bitcoin purchases quadrupled in June compared to April this year.
«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,» said group executive of consumer banking and wealth management Sim S. Lim.
The offering will only be offered to accredited investors within the DBS Treasures segment with around 100,000 clients in Singapore eligible for access.
