Tenfold crypto volume growth in Q1 2021, posted by Singapore’s largest bank

Tenfold crypto volume growth in Q1 2021 posted by Singapore's largest bank

The launch of its institutional cryptocurrency exchange in December 2020, has been announced by its institutional cryptocurrency exchange in December 2020.

The bank saw record performance as quarterly net profit surpassed $2 billion for the first time in history, according to Chng Sok Hui, the bank saw record performance as quarterly net profit surpassed $2 billion for the first time in history, according to  the DBS chief financial officer and which is a double from first quarter.

A significant role was played by  the DBS’ newly launched crypto platform, DBS Digital Exchange in the bank’s latest milestone, as the platform saw a tenfold increase in daily trading volumes, reaching $30 million to $40 million, as stated by Piyush Gupta, CEO of DBS.

 

The CEO announced further plans for the newly launched crypto exchange, including the company’s first security token offering scheduled for the second quarter of 2021.

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

“Blockchain can change the paradigm. Money can be converted into digitized form that has been cleared, which can be sent across for settlement as quickly as the written message,” the CEO stated.

Gupta said that DBS and JPMorgan’s blockchain-powered cross-border payments will involve tests featuring the Singapore dollar and the U.S. dollar. “We are actively bringing in other banks so that the euro, sterling, renminbi etc become part of the system. And if we can do that, we will be an important part of a game-changing infrastructure for payments,” he stated.

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