DBS is opening up its crypto trading digital exchange DDEX to high net worth clients, enabling well-heeled customers to conduct trades through the Digibank app.
Previously, crypto trading on DDEx was limited to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client only.
With this latest initiative, the service is now available to up to 100,000 salf-directed investors in the DBS Treasures segment.
Sim S. Lim,group executive, consumer banking and wealth management, DBS Bank says: “Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”
According to Capgemini’s World Wealth Report 2022, 71% of high net-worth individuals globally - and 91% of those below 40 years of age - have invested in digital assets.
Starting from a minimum investment sum of $500, DBS wealth clients can now trade bitcoin, bitcoin cash, ethereum and XRP on DDEx. The Digibank app provides a full view of client investments across mulitple asset classes, giving users a consolidated picture of all their investments in one place, rather than having to toggle multiple platforms to keep track of their various holdings.
Accredited investors who are interested in accessing the crypto trading function on DBS digibank must first contact their relationship managers. The bank says it is working on digitalising the onboarding process, which is slated for rollout in 2023.