Trading volumes are up 10 times on Southeast Asia’s largest bank DBS’s cryptocurrency exchange
Southeast Asia’s largest bank, DBS recently announced that cryptocurrency trading volumes on its exchange have multiplied 10 times to around $30 million to $40 million. In addition it also revealed a collaboration with JPMorgan on a blockchain settlement platform. The icing on the cake will be the launch of its first security token offering in the second quarter of the year.
During a media briefing for its first-quarter earnings results last week, DBS Chief Executive Officer Piyush Gupta spoke about the performance of its crypto exchange that was launched in December of last year.
“Our digital exchange capabilities are much like Coinbase,” Gupta said, adding that “the difference is that Coinbase is mass-market retail while we have been judicious by offering this to accredited investors and institutional counterparties to start with.”
The DBS CEO emphasized the strong start of the year while having chosen a conservative strategy.
“The first-quarter numbers have been encouraging. There are $80 million in assets under custody, trading volumes have gone up 10 times to $30 million-$40 million.”
The future is looking bright, as DBS starts to shift gears.
We have 120 customers with a pipeline of hundreds more. We hope to do the first security token offering in the second quarter.
Noting that “blockchain can change the paradigm,” the CEO also announced collaboration with JPMorgan and Temasek “to create a platform to change the way cross-border payments and settlements work.” Currently “cross-border payments and settlements are constrained by a T+2 problem,” and they hope to resolve this together.
Being Southeast Asia’s largest bank, DBS is headquartered in Singapore and operates across 18 markets.
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Source: igaming
