Singapore’s Largest Bank Expands Bitcoin, Crypto Offering – Bitcoin Magazine

  • DBS Group Holdings expands bitcoin and crypto trading to 100,000 of its wealthiest clients.
  • The bank requires capital requirements and a minimum investment of $500.
  • The expansion follows the central bank of Singapore’s release of a digital asset framework from earlier this month.

DBS Group Holdings Ltd., Singapore’s largest bank, expanded its bitcoin and cryptocurrency trading services on its members-only exchange to an additional 100,000 of its wealthiest clients, per a report from Bloomberg.

Accredited investors, meaning clients with investable assets of at least $246,000, can now buy, sell and trade bitcoin and some cryptocurrencies. Additionally, the bank requires a minimum investment of $500.

Previously, this service was limited to corporate and institutional investors, family offices, clients of DBS Private Bank, and those of DBS Treasures Private Client.

The bank reportedly witnessed its digital assets exchange double in transaction volume between April and June. Even more noteworthy, bitcoin transactions alone nearly quadrupled.

However, while the bank is increasing its volume size in the greater ecosystem and is expanding its services to a broader range of investors, Singapore as a whole is still deciding on which direction to go concerning retail investors.