Despite the bear period in the cryptocurrency market, Singapore’s largest bank DBS will expand its crypto services.
This is the opposite for DBS, as the bear season in the cryptocurrency market pushes almost every firm to downsize.
DBS Will Expand Crypto Services
The bear period in the crypto money markets put many companies serving in the field of crypto money into difficulty. Some companies stopped withdrawing user funds after the Terra collapse, while others declared bankruptcy. All this negativity in the markets is a growth opportunity for Singapore’s largest bank, DBS.
DBS obtained a license for crypto from the Monetary Authority of Singapore last year and started offering crypto services to 1000 users by invitation, the Financial Times reported.
Speaking to the Financial Times, DBS CEO Piyush Gupta spoke about this move of DBS:
“The losses of individual users in the events are a sign of the need for established financial players in the crypto money sector”
Gupta added:
“People want us to be pioneers in space and keep pushing the boundaries”
Gupta announced that its crypto services will be available to 300,000 new customers, including private banks, accredited investors, other exchanges and funds.
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