DBS Private Bank launched a bank-backed trust to manage bitcoin for customers, the first such product in Asia.
DBS Private Bank has launched the first bank-backed cryptocurrency trust in Asia, which will allow private banking clients to invest and manage bitcoin, according to a Bloomberg report.
According to the report, the trust services are based on DBS Digital Exchange and would offer cryptocurrency services to private banking clients for asset management, including for ether, bitcoin cash and XRP in addition. bitcoin. DBS Exchange was launched in December to offer fully integrated cryptocurrency services.
The news is another notable indicator that the demand for bitcoin is increasing dramatically.
According to the bank, this new service will allow its customers to be able to hold bitcoin with confidence in its custody and management. According to Joseph Poon, Group Head of DBS Private Bank, “our trust structure makes it easy for clients to hold these assets, with the assurance that they will be managed securely and passed on to their intended beneficiaries,” according to Bloomberg.
Bloomberg reported that DBS’s digital exchange currently has 120 customers. The company holds “S $ 80 million ($ 60 million) in assets in custody, with transaction volumes increased tenfold from S $ 30 million to S $ 40 million.”
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