Singapore-based bank DBS plans to extend its cryptocurrency exchange offering to retail investors from the current institutional client base.
DBS wants to make cryptocurrency accessibility more convenient through instant online deposits and settlements without depending on banking intermediaries.
The financial firm, which ranks as the largest bank in Singapore, would automate its cryptocurrency trading platform during the first half of the year or before the last quarter.
DBS CEO Piyush Gupta affirms that the institution will expand its cryptocurrency exchange operations this year. He adds that security remains an important area in the plan.
DBS launched an institution-focused cryptocurrency exchange in December 2020. The firm subsequently increased the category of supported asset services with a crypto trust solution in May 2021.
DBS Vickers, its brokerage unit, was licensed last year by the Monetary Authority of Singapore to offer digital currency payments.