Singapore’s largest bank reveals results of its own Bitcoin exchange

DBS Group, Singapore’s largest financial group, published its results for the first quarter of 2021, revealing the performance of its cryptocurrency exchange — DBS Digital Exchange.

During the period, trading volume on the platform, oriented toward institutional and accredited investors, rose more than tenfold to $23–30 million.

According to the document, the exchange serves 120 client accounts and there are ‘hundreds, possibly thousands waiting in line’. Assets under management total $60 million.

At an совещании с инвесторами the group CEO Piyush Gupta [Piyush Gupta] advised not to expect profits from this line before 2022. For now, the platform’s contribution to DBS Group’s revenue is less than one percent.

In the second quarter, the exchange plans to conduct the first STO on its platform. It will also introduce custodial services and will develop blockchain platform Partior, developed jointly with Temasek and JPMorgan.

Earlier in December 2020, the group launched a platform for trading digital assets. The Singapore Exchange took a 10% stake in DBS Digital Exchange.

1Q21 Media Briefing by ForkLog on Scribd

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