Singapore’s DBS bank has outlined plans to launch a retail crypto trading desk by the end of the year after opening an institutional digital asset trading desk back in 2021.
When asked about the platform during an earnings call after releasing their fourth-quarter results on Monday, February 14, CEO Piyush Gupta acknowledged that there is still more work to be done, but the bank estimates that it will be operational by the end of 2022.
“We are starting the initial work to expand it beyond the current investor base [of accredited investors],” Gupta said.
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He added:
“Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”
Improving the efficiency of the trading desk
Furthermore, the CEO said that the bank would devote its first half of this year to improving the ease with which current clients may use the digital assets trading desk.
In order to make an order for cryptocurrency over the phone, consumers must now contact a bank representative. According to Gupta, the idea is to make it available online and as a self-service option.
Additional information concerning the crypto trading platform, such as whether or not you’ll be able to move digital assets acquired on it to other providers or crypto wallets, has not yet been announced by DBS.
Meanwhile, a licensing framework for retail exchanges is in place with the Monetary Authority of Singapore (MAS).
Finally, as a result of the increased level of interest in the notion of the Metaverse, DBS Bank senior investment strategist Daryl Ho said in late November last year that industry leaders who are already embracing the digitalization trends of digital assets and engaging in the movement will enjoy the advantages of the Metaverse.
