During a briefing call with analysts, DBS CEO Piyush Gupta said that the bank’s digital exchange held about S$130 million (US$96.16 million) to S$140 million (US$103.56 million) of digital assets under custody.
He added that in the second quarter of 2021, the bank did as much as S$180 million (US$133 million) of trading.
“I’m quite pleased, it is going quite well,” said the CEO in response to a question on the DBS Digital Exchange during the bank’s second-quarter 2021 financial results briefing to analysts.
The DBS Digital Exchange
Last December, Singapore’s biggest bank, DBS, launched its digital exchange. However, it is only accessible only to institutional and accredited investors.
The DBS Digital Exchange facilitates trading between four fiat currencies — Singapore dollars, US dollars, Hong Kong dollars and Japanese yen — and four cryptocurrencies — Bitcoin, Ethereum, Bitcoin Cash and XRP.
According to the bank, in May, the digital exchange, had a daily trading volume between S$30-S$40 million dollars, with 120 investors on board.
In comparison, Binance, the world’s largest cryptocurrency exchange, has a daily trading volume of US$46 billion. The second largest exchange, Coinbase, has a daily trading volume of US$6 billion.e
Gupta said his target was to grow the digital exchange’s investor base to about 1,000 customers this year from “a tad under 400” currently. He also added that DBS intends to extend the digital exchange’s trading hours to 24/7 by September or October. Currently, trading takes place only during Asian trading hours.
Featured Image Credit: Fintech News Singapore