In response to rising interest in digital assets, DBS has broadened access to its digital exchange (DDEx) to enable wealth clients who are accredited investors to trade cryptocurrencies.
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. With the latest initiative, the service is now available to accredited investors in the DBS Treasures segment as well.
The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options, with nine out of 10 equity transactions executed digitally today.
Starting from a minimum investment of US$500, accredited wealth clients can seamlessly trade four of the more established cryptocurrencies (bitcoin, bitcoin cash, Ethereum and XRP) on DDEx at their convenience.
Having their cryptocurrency holdings reflected alongside the rest of their portfolio in DBS digibank also makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.
There has been growing investor interest in cryptocurrencies. 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.
In Singapore, between April and June 2022 when volatility in cryptocurrency markets started increasing, the total number of trades on DDEx doubled, and the quantity of bitcoin bought rose nearly four times, DBS notes.