DBS Bank, the largest bank by assets in Southeast Asia, plans to offer Bitcoin and cryptocurrency trading services to its customers this year. This development comes after a digital asset trading desk was launched for institutions in late 2021.
DBS Bank CEO Piyush Gupta said the bank had a roadmap during its fourth-quarter earnings call on Monday, but declined to provide details. During the interview, Gupta said, "We should get something by the end of the year." said.
According to the CEO, DBS Bank's digital asset trading platform will be developed to make accessing digital assets much easier. The rush to appeal to institutional investors interested in betting on cryptocurrencies is heating up.
In late 2021, US Bank, the nation's fifth-largest retail bank, offered a crypto custody service mostly geared towards fund managers. With support from sub-custodial NYDIG, the product is said to allow investment managers to store private keys for Bitcoin, Bitcoin Cash, and Litecoin.
A Standard Chartered unit has previously indicated its intention to launch a cryptocurrency brokerage and exchange platform for institutional clients in the UK and Europe.
Major institutions such as the Bank of New York Mellon, State Street, and Northern Trust have all announced their passion for storing digital assets.