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DBS opens crypto exchange to high-net-worth clients

DBS is opening its crypto trading digital exchange DDEX to wealthy clients, enabling them to trade through the Digibank app

DBS crypto exchange

DBS opens crypto exchange to high-net-worth clients. Source: shutterstock.com

DBS Digital Exchange has previously offered crypto trading to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client only. With the latest update, the service is available to over 100,000 self-directed investors in the DBS Treasures segment.

With a minimum investment of $500, DBS high-net-worth clients can now trade Bitcoin, Bitcoin cash, Ethereum and XRP. The exchange enables trading with four fiat currencies (SGD, USD, HKD, JPY). 

The Digibank app provides a full overview of client investments across multiple asset classes. This way, it gives users a consolidated picture of their investment profile in one place.

Accredited investors interested in accessing the crypto trading function on DBS Digibank must first contact their relationship managers. The bank is currently working on digitalising the onboarding process, which will roll out in 2023.

The move comes as the bank’s wealth clients are increasingly choosing self-directed investment routes. According to Capgemini’s World Wealth Report 2022, 71% of high net-worth individuals globally – and 91% of those below 40 years of age – have invested in digital assets.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.