The surge in the demand for crypto has reached Singapore as the region’s prominent bank went on to roll out a cryptocurrency trust solution.
Bitcoin [BTC] took the entire crypto-verse to another level following its five-fold growth over the last couple of months. The crypto market was put on a pedestal as its market cap grew over $2 trillion. This caused an array of people to flock into the industry which further impacted the demand for digital assets. In a recent report by the Business Times, it was revealed that DBS Private Bank, a prominent bank in Singapore it was taking its interest in crypto a step ahead.
Singaporean bank ventures into crypto trust solution
DBS Private Bank was seen addressing the needs of its clients with the launch of its crypto trust solution. The trust reportedly supports prominent assets like Bitcoin [BTC], XRP, Bitcoin Cash [BCH] as well as Ethereum [ETH]. With this platform, the bank hopes to aid the clients of the bank to invest and manage their crypto.
Joseph Poon, the group head of the Singaporean bank spoke about the platform’s latest venture and said,
“Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries.”
This isn’t the first time that the bank had exerted its interest in crypto. Back in December 2020, the bank rolled out its very own cryptocurrency exchange. After witnessing massive growth with regard to volume from the crypto exchange, the platform decided to expand its inclination towards crypto.
Furthermore, Poon spoke about the next few steps and stated,
“In recent years, more clients have expressed interest or are already invested in digital assets and we expect this trend to accelerate as cryptocurrencies turn more mainstream.”
With 120 clients and trading volumes of 30 million Singapore dollars to 40 million Singapore dollars, in the first quarter of 2020, DBS Digital Exchange’s plunge into the crypto-verse could spruce up the digital asset market in the region.