Singapore-headquartered DBS has launched a self-directed crypto trading feature on its digibank app, DBS Digital Exchange (DDEx), which will be available for accredited investors.
Photo credit: Deyoadutrys
With a minimum investment of US$500, users can now trade Bitcoin, Ethereum, XRP, and Bitcoin Cash on DDEx.
This feature is linked with DBS digibank, allowing funds of clients to be directly debited for DDEx transactions. This also eliminates added complexities like digital token conversions, third-party processing, and wire transfer fees. Users can trade their bonds, equities, and foreign exchange seamlessly as transactions occur on a single platform.
Prior to this development, DDEx was only available to family offices, institutional investors, as well as clients of DBS Private Bank and DBS Treasures Private Client. With the addition of accredited investors, the pool of potential users has grown by 100,000 people.
The bank said that DDEx has remained resilient amid the turbulent crypto market, with the total number of trades on its exchange doubling from April to June this year.
See also: Behind the crypto project backed by Temasek, JP Morgan, DBS
Editing by Deepti Sri and Eileen C. Ang
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