Singapore’s largest bank, DBS Group Holdings, said that it expects its new crypto platform to grow substantially by the end of this year.
In an interview with Reuters, DBS’ senior executives claimed that DBS Digital Exchange is seeing robust demand from corporate investors, accredited individuals, and investment firms that manage assets for wealthy families.
The executives are expecting the platform’s client base to increase two-fold by December, following which the growth should hover around 20%-30% annually in the next three years.
"We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets," Eng-Kwok Seat Moey, head of capital markets at DBS and chairperson of the exchange, stated.
The bank shifted its attention to cryptocurrencies after its CEO Piyush Gupta pushed ahead with technology upgrades worth billions to adopt cloud computing and digitize its services.
In December, the financial institution rolled out its crypto trading platform DBS Digital Exchange, which currently offers trades between four fiat currencies -- Singapore Dollar, Japanese Yen, US Dollar, and Hong Kong Dollar -- and four cryptocurrencies: BTC, BCH, ETC, and XRP.
According to Eng Kwok, the exchange will list at least six more security tokens by the end of next year.
DBS' head of strategy and planning, Kwee Juan Han told Reuters that the bank wanted to create a platform that would serve crypto users across the value chain.
By undertaking these efforts, DBS Digital Exchange hopes to position itself as the world's only bank-backed digital assets exchange. Ganesh Viswanath-Natraj, assistant professor of finance at Warwick Business School, believes that this is a positive development for crypto investors: