Deepti Sri · · 1 min readDBS won’t offer crypto trading to retail users in near future
Piyush Gupta, CEO of Singapore-based financial services company DBS, said the firm will not extend crypto trading services to retail consumers in the near future, reported The Business Times.
In February, DBS had said it would extend its crypto trading services to retail clients by the end of 2022. Its DBS Digital Exchange (DDEx), whose full-year trading volume stood at US$1.1 billion, is currently a members-only exchange available to accredited and institutional investors.
While Gupta said that digital currencies and crypto assets are going to be widespread in the future, he exercised caution about regulators being “rightfully concerned” about offering them to the retail market.
In December 2021, Singapore-based payment firm Fomo Pay joined the DDEx to let merchants accept payments in cryptocurrency from consumers “in a safe and risk-free manner.”
DDEx earlier said that it holds S$600 million (US$438 million) worth of digital assets, with at least 500 participants onboarded on its platform.
See also: Behind the crypto project backed by Temasek, JP Morgan, DBS
Currency converted from Singapore dollar to US dollar: US$1 = S$1.35
Editing by Collin Furtado and Arpit Nayak
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