Singapore's DBS Bank CEO: "Investors Are Gradually Exploring Cryptocurrencies and Digital Assets"
DBS Group Holdings is expecting to expand its digital asset products and double the number of members on the crypto trading platform by the end of the year, growing by 20-30% percent annually for the next few years, according to Reuters .
In an interview, the senior executive of DBS shared that the platform that was initially developed as a members-only solution is receiving major demand from institutional and corporate investors. Investors are getting more interested in the industry and exploring various digital assets.
DBS started in the cryptocurrency industry after its CEO, Piyush Gupta, invested billions in order to update the bank's technical infrastructure. The bank's ecosystem has acquired cloud computing and gone through the digitalization of most of its services. DBS portrays itself as the only company that offers bank-backed digital assets solutions like cryptocurrency trading, tokenization and highly demanded custody services.
To follow the total digitalization and tokenization trends, banks have no other choice but to balance their clients' interest in cryptocurrency assets and regulatory issues that come with digital asset operations.
DBS is one of the biggest fund managers in Asia, which means that an expanding presence in the digital assets industry will bring even more institutional or corporate investors into the field from the continent. Just like other banks, DBS is looking forward to changing its business model to fee-based income, which had already become a traditional way of monetizing business functions in the cryptocurrency field.
The main product of the DBS digital asset platform is its cryptocurrency exchange. It offers trading between the most popular cryptocurrencies, like Bitcoin and Ethereum, and popular Asian currencies like Japanese yen and Hong Kong and Singapore dollars. Kwee Juan Han, DBS group head of strategy and planning, stated that the exchange is expected to bring in a revenue of $250 million by the end of the next year.