Southeast Asia’s Largest Bank DBS Says Trading Volumes on Its Cryptocurrency Exchange Have Increased 10 Times

DBS, Southeast Asia’s largest bank, says that cryptocurrency trading volumes on its exchange have grown 10 times to around $30 million to $40 million. The bank is also working together with JPMorgan on a blockchain settlement platform and prepares to release its very first security token offering in the 2nd quarter, its CEO has actually exposed.

DBS’ Crypto Business Sees Massive Growth

A leading monetary services group headquartered in Singapore, DBS, spoke about the efficiency of its crypto exchange throughout the media instruction for its first-quarter incomes outcomes recently. DBS runs throughout 18 markets.

The bank released a “digital exchange” in December in 2015. DBS Bank CEO Piyush Gupta described, “Our digital exchange abilities are just like Coinbase.” He included that “The distinction is that Coinbase is mass-market retail while we have been sensible by providing this to certified financiers and institutional counterparties to begin with.”

“Even with the mindful growth,” the DBS CEO stressed:

The first-quarter numbers have been motivating … There are $80 million in properties under custody, trading volumes have increased 10 times to $30 million-$40 million.

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“We have 120 clients with a pipeline of hundreds more,” Gupta continued, including that “We wish to do the very first security token offering in the 2nd quarter.”

The bank stated at launch that “The DBS Digital Exchange will provide exchange services in between 4 fiat currencies (SGD, USD, HKD, JPY), and 4 of the most recognized cryptocurrencies, specifically bitcoin, ether, bitcoin money and XRP.”

The DBS CEO also described recently that DBS has actually established an innovation business in cooperation with financial investment bank JPMorgan and Temasek “to produce a platform to alter the method cross-border payments and settlements work.” He described that presently “cross-border payments and settlements are constrained by a T+2 issue,” keeping in mind that “Blockchain can alter the paradigm.”

What do you think of DBS’ crypto organization development? Let us understand in the comments area below.

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