Despite the bear period in the cryptocurrency market, Singapore’s largest bank DBSwill expand its cryptocurrency 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 last year, the Financial Times reported. Singapore Monetary Authorityand started to provide crypto money service to 1000 users with an invitation.
DBS CEO speaking to the Financial Times Piyush GuptaHe talked about this move by 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”
groupannounced that its crypto services will be available to 300,000 new customers, including private banks, accredited investors, other exchanges and funds.
