DBS Private Bank announced the launch of Asia’s first bank-backed trust solution for cryptocurrencies.
Four cryptocurrencies clients can invest in
Given the rising demand for cryptocurrencies in Asia, DBS’s announcement came as no surprise. The trust service will allow private banking clients to invest, custodize and manage these assets in a traditional manner. The service will only apply to the four cryptocurrencies hosted on the digital exchange: Bitcoin, Ether, Bitcoin Cash and XRP. DBS
Also said the digital exchange it is working on efforts to conduct its first security token offering and expand operating hours from Asian time zones all around the globe.
Traditional finance is exploring crypto
Traditional finance is now increasingly exploring its way into cryptocurrencies. UBS Group is reportedly in the early stages of planning to offer crypto investments to wealthy clients. Goldman Sachs Group and Morgan Stanley are boosting their offerings. DBS has already joined JPMorgan Chase & Co and Temasek Holdings to create a blockchain payments platform.
Private banks that allow their clients to invest in cryptocurrencies safely, brings new players to the market. Cryptocurrencies are often seen as something fueled by retail investors or traders. Institutions are slowly fading that image and a good question to ask is how many of their wealthy clients are bullish on crypto?