Singapore's DBS Bank says institutional and accredited crypto to remain its focus, but does not rule out a future retail desk. By thesamreynolds
The CEO of Singapore's DBS Bank said in a recent earnings call that his bank’s focus is on expanding its crypto offerings to accredited and institutional investors and will consider opening up a retail line when regulators and the technology is ready., DBS said that it plans to launch a retail crypto trading desk by the end of 2022. However, in early April it did a complete flip on the plans citing regulatory worries.
“We already have a large affluent, accredited investor crypto base that we can scale,” Gupta said during the call. “We won’t do any retail crypto in Singapore this year.” Gupta added that the technology to create a retail exchange is “taking a bit longer than expected.” Gupta said that during the last quarter trading activity"slowed a bit" but volume continues to grow. DBS' exchange now has almost SGD 1 billion worth of crypto in custody.to over 526,000 people with a net worth of over $1 million and 4200 people that have a net worth of over $30 million.
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