Singapore’s DBS Bank to offer Bitcoin and Ethereum options trading
Singapore’s DBS Bank to produce Bitcoin and Ethereum choices trading Singapore’s DBS Bank to produce Bitcoin and Ethereum choices trading
The bank reported a stable lengthen in crypto trading volumes on its digital alternate, DDEx.
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DBS Bank of Singapore plans to delivery over-the-counter (OTC) crypto choices trading and structured notes for institutional customers in Q4 2024, in accordance with a Sept. 17 assertion.
This switch positions DBS because the predominant Asian-headquartered bank to produce financial products tied to the associated rate of Bitcoin and Ethereum, the 2 ideally suited digital resources by market capitalization.
Per the bank, the crypto choices and structured notes products will easiest be on hand to eligible institutional investors and permitted customers of DBS Inner most Bank and DBS Treasures Inner most Consumer.
Unique crypto offerings
The bank revealed that its fresh products originate on its present crypto companies and products thru DBS Digital Commerce (DDEx).
The fresh products give customers more ways to have confidence interaction with digital resources as investors can now potentially construct a yield on fiat currency or snatch transport of underlying crypto.
Also, Bitcoin and Ethereum holders at DBS originate extra benefits. They can now hedge against market swings and presumably generate returns thru varied choices methods.
Jacky Tai, head of trading and structuring at DBS Community, highlighted the rising query for digital resources amongst expert investors. He defined how these fresh products develop the bank’s digital asset companies and products.
He acknowledged:
“These financial products are a selection of the bankâs rate proposition to produce customers trusted institutional-grade fetch entry to to the digital asset ecosystem. Now, our customers have confidence an alternative channel to originate publicity to the asset class and incorporate superior funding methods to raised organize their digital asset portfolios.”
For example, a client anxious about Bitcoin’s worth swings would possibly possibly well purchase a group possibility. This permits them to promote Bitcoin at a predicament worth in due course, even when the market worth falls below that level.
Crypto trading grunt
DBS also reported main increase in crypto trading volumes on its digital alternate.
Within the predominant five months of 2024, trading quantity for digital fee tokens on DDEx tripled in contrast with the an identical interval in 2023. The series of active trading customers grew by 36%, while digital resources beneath custody elevated by 80%.
The bank credited this increase to a accumulate influx of deposits from customers searching out safe, bank-grade platforms for custody and trading of digital resources.
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Oluwapelumi Adejumo
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