Bitcoin

Singapore’s largest bank will see 10x growth in crypto volume in the first quarter of 2021

DBS Bank, Singapore’s largest private and commercial bank, has announced its financial results for the first quarter after launching its institutional crypto exchange in December 2020.

DBS CFO Chng Sok Hui said that The bank posted a record performance as quarterly earnings exceeded $ 2 billion for the first time in history, doubling from the previous quarter.

The DBS Digital Exchange crypto platform recently launched by DBS appears to have played an important role in the bank’s most recent milestone The platform saw a ten-fold increase in daily trading volumePiyush Gupta, CEO of DBS, reached $ 30 million to $ 40 million.

Singapore’s largest bank will see 10x growth in crypto volume in the first quarter of 2021
Singapore’s largest bank will see 10x growth in crypto volume in the first quarter of 2021

The CEO announced new plans for the recently launched crypto exchange, including the company’s first security token offering slated for the second quarter of 2021.

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

Blockchain can change the paradigm. The money can be converted to a digitized form that has been deleted and that can be sent for settlement as soon as the written message. explained the CEO.

Gupta said that DBS and JPMorgan’s blockchain-based cross-border payments include testing in Singapore dollars and US dollars. We are actively integrating other banks to bring the euro, pound sterling, renminbi, etc. Become part of the system. And if we can do that, we’ll be an important part of a revolutionary payment infrastructure, ”he said.

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