DBS Group, the largest financial holding in Singapore, will continue to develop cryptoasset trading and plans to double the number of users of the Digital Exchange by the end of the year.
Institutional investor interest in crypto assets continues to grow, and this has not escaped the attention of large financial institutions. According to a Reuters publication citing interviews with DBS top managers, the financial group plans to further develop the Digital Exchange, launched last year, for institutional digital assets.
As noted by DBS, the platform is in high demand from corporate investors, accredited individuals and family investment firms.
“We are growing very fast. Investors are gradually exploring cryptocurrencies and digital assets, ”said Eng-Kwok Seat Moey, head of capital markets at DBS.
DBS Digital Exchange is positioned as the world’s only bank-supported digital exchange offering cryptocurrency trading, asset tokenization and custody services. In June, DBS Bank issued S $ 15 million ($ 11.3 million) digital bonds as part of an initial public offering of stock tokens (STO) through the Digital Exchange.
Eng-Kwok said DBS’s position as one of the largest asset managers in Asia and expertise in capital markets transactions will help attract new users and increase trading volume on the exchange. According to the company’s plans, by the end of 2022, at least six tokens-shares should appear on the exchange listing, and the number of institutional investors on the site will double – to 1,000 clients. In the next three years, the number of users will grow by 20-30% annually.
In August, the brokerage division of DBS received approval from the Singapore regulator for trading stock tokens (STO). This will allow the company to directly support asset managers and companies in trading digital payment tokens through the exchange. The Singapore Exchange owns 10% of Digital Exchange. DBS Digital Exchange offers trading services for BTC, BCH, ETH and XRP and supports USD, Singapore dollar, Hong Kong dollar, and Japanese yen pairs.
“Our goal was to create a platform that could serve the entire digital asset value chain, from deals to tokenization, listing, trading and custody – all within a secure and regulated banking franchise,” said the head of strategy and planning DBS Kwee Juan Han.
Khan predicts that the company’s new businesses, including a digital asset exchange and a carbon credit marketplace, will generate total revenue of S $ 350 million ($ 260 million) by the end of next year.
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