Singapore’s largest bank posts tenfold crypto volume growth in Q1 2021

May 4, 2021 | CoinTelegraph News | 0 comments

singapore’s-largest-bank-posts-tenfold-crypto-volume-growth-in-q1-2021

DBS Bank CEO Piyush Gupta said the bank’s exchange has scheduled a token offering for quarter two.

DBS Bank, Singapore’s largest retail and commercial bank, has announced its first-quarter financial results following the launch of its institutional cryptocurrency exchange in December 2020.

DBS chief financial officer Chng Sok Hui said that the bank saw record performance as quarterly net profit surpassed $2 billion for the first time in history, doubling from the previous quarter.

DBS’ newly launched crypto platform, DBS Digital Exchange, apparently played a significant role in the bank’s latest milestone, as the platform saw a tenfold increase in daily trading volumes, reaching $30 million to $40 million, DBS CEO Piyush Gupta said. 

The CEO announced further plans for the newly launched crypto exchange, including the company’s first security token offering scheduled for the second quarter of 2021.

Gupta also mentioned the company’s collaboration with United States investment bank JPMorgan Chase and Singapore state investment firm Temasek to create a new blockchain venture focused on global interbank transactions.

 “Blockchain can change the paradigm. Money can be converted into digitized form that has been cleared, which can be sent across for settlement as quickly as the written message,” the CEO stated.

Gupta said that DBS and JPMorgan’s blockchain-powered cross-border payments will involve tests featuring the Singapore dollar and the U.S. dollar. “We are actively bringing in other banks so that the euro, sterling, renminbi etc become part of the system. And if we can do that, we will be an important part of a game-changing infrastructure for payments,” he stated.

News Source from CoinTelegraph.com

Related Articles

MicroStrategy adds another $10 million in bitcoin to its holdings

MicroStrategy adds another $10 million in bitcoin to its holdings

MicroStrategy has made yet another addition to its growing stockpile of bitcoin. On Tuesday, the publicly traded company bought 229 BTC for $10 million at an average of roughly $44,000 per BTC, according to an 8-K form filed with the Securities and Exchange...

Altcoins notch double-digit gains even as Bitcoin price falls to $42,500

Altcoins notch double-digit gains even as Bitcoin price falls to $42,500

Altcoins took the reins and galloped higher, while bulls appear to be losing the battle to hold Bitcoin's price above $43,000. On May 18, Bitcoin (BTC) and the overall cryptocurrency market faced another round of selling as FUD — fear, uncertainty and doubt — impacted...

Pin It on Pinterest

Share This