Private bank DBS announced today (May 14th) that it has launched a trust solution for cryptocurrencies through the bank’s trust bank, DBS Trustee.
This will enable its private banking clients to invest, store and manage digital assets. Previously, this was only available to institutional and accredited investors.
The trust offer only applies to Bitcoin, Ether, Bitcoin Cash and XRP, which are four cryptocurrencies hosted on the DBS Digital Exchange.
DBS Private Bank has launched a cryptocurrency trust solution through the bank’s 100% bank-owned DBS Trustee to enable its private banking clients to invest, store and manage digital assets.
Announcing the latest earnings, DBS CEO Piyush Gupta also shared an insight into his digital cryptocurrency exchange that was launched last year.
According to DBS, the digital exchange has daily volume of trade between $ 30 million and $ 40 million. It currently has 120 investors.
By comparison, Binance, the world’s largest cryptocurrency exchange, has a daily trading volume of $ 46 billion. The second largest stock exchange, Coinbase, has a daily trading volume of 6 billion US dollars.
The movement to launch trust solutions comes with the rapid growth of interest in investing in cryptocurrencies. Many private banks are also adding services to meet the growing interest in crypto assets among high-value clients.
Earlier this year, Morgan Stanley became the first U.S. bank to offer wealthy clients access to Bitcoin funds. Goldman Sachs also announced plans to offer Bitcoin and other digital assets this quarter.
“In recent years, more and more clients have expressed interest or have already invested in digital assets, and we expect this trend to accelerate as cryptocurrencies become more involved. Our trust structure allows clients to hold these assets appropriately, with a calm spirit that they will be safely managed and passed on to desired customers, ”said Joseph Poon, Head of DBS Private Bank Group. Media Release.
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