DBS (SGX: D05) is considering expanding its digital asset trading facility to retail clients by the end of this year, according to the company CEO Piyush Gupta. Currently, the bank’s crypto services are exclusively available to institutional clients. “We are beginning the first steps to grow it outside of the current investor base,” said DBS CEO Piyush Gupta. “There’s a lot of work to be done with suitability and anti-fraud, but we should have something by the end of the year.”
By offering trading services to institutional clients beginning in early 2021, DBS became one of the first mainstream lenders to use digital assets. It is, however, a legacy approach because consumers must call the bank to place a crypto trading order.
In the first half of the ongoing year, the bank plans to digitally transform its crypto services in order to make them more accessible. Its focus on cryptocurrency can also be seen in the fact that it has made its crypto trading desk open 24 hours a day, seven days a week. The services were initially only available during Singapore’s banking hours.
Meanwhile, demand for DBS’s crypto services has surged since the company’s launch. DBS Digital Exchange (DDEx) CEO Lionel Lim stated that the platform managed $819 million in annual trading volume in 2021, with $595.5 million in cryptos traded in the final quarter.