DBS Private Bank Launches Crypto Investing and Custody Solutions
DBS Private Bank has launched a new crypto trust solution. The move comes amid high demand for digital assets from the bank’s high net worth clients.
The new service will provide its clients will a comprehensive service that encompasses investment and custody solutions in what the bank describes as a safe, secure and structured offering.
DBS Private Bank is one of the largest wealth managers in the Asian region. The bank reported an impressive record for its first quarter of 2021 in its trade volumes, with the numbers increasing by almost 10 times.
DBS Bank Expanding crypto services
DBS Bank launched DBS Digital Exchange platform in December last year. Now, the firm is looking into more ways to expand its product offerings through DBS Trustee, its wholly-owned trust firm.
By launching the new crypto trust solution, DBS Bank will enable its private wealth clients to gain exposure in cryptocurrencies. The firm offers crypto investment options, custody, and management services for virtual currencies.
Currently, the trust only supports four of the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and Bitcoin Cash (BCH). These four digital assets are also hosted at the DBS Digital Exchange.
Joseph Poon, the head of DBS Private Bank, stated that “Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries.” He also noted increased interest from clients to invest in cryptocurrencies, while some investors had already invested in the market.
“We expect this trend to accelerate as cryptocurrencies turn more mainstream,” Poon added.
Impressive Q1 2021 Financials
The new crypto trust solutions launch comes a few days after the company released its financial performance record for the first three months of 2021.
DBS is also looking to launch a security token offering in the second quarter of the year.
In other developments, the bank is seeking a partnership with JPMorgan and Temasek to boost its cross-border payments platform through launching a blockchain system.
DBS is not the only banking giant forced to respond to clients’ demands for crypto investments. Other major banks have also embraced the crypto boom, including JPMorgan. In April, JPMorgan offered its clients exposure to Bitcoin by launching 12 investment funds related to the currency.
Goldman Sachs has also said that plans are underway to offer crypto assets to its clients during the second quarter of the year.
Many investment banks are changing their stand on cryptocurrencies after a period of heavy demand for the assets.
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