Singapore's biggest bank expands its crypto offerings
DBS Bank, Singapore's biggest bank, is expanding its crypto services.
DBS Bank, Singapore's biggest bank, is expanding its crypto services. DBS is now opening crypto access to high-net-worth clients. Retail investors are out of luck.
About 100,000 investors in the DBS Treasures Section will now have access to Bitcoin and other crypto assets. Clients with investable assets of at least $246,000 are eligible.
They will now be able to trade Ethereum, Bitcoin, and Ripple, something that was previously only available to institutional investors. Under the original plan, small investors would also gain access to cryptocurrencies later this year, but DBS rolled back that decision in April 2022. Singapore had long been seen as a crypto paradise, but since the Terra collapse in May 2022, the government has taken a tougher stance against the crypto sector.
