DBS Plans to Launch Retail Crypto Trading Services in 2022 End
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Singapore-based lender DBS (SGX: D05) is considering to expand its digital asset trading facility to retail customers by the end of this year, the CEO revealed on Monday in an earnings call. Currently, the crypto services of the bank are only limited to institutional clients.
“We are starting the initial work to expand it beyond the current investor base,” DBS CEO Piyush Gupta said. “Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”
However, details of the retail crypto trading services to be offered by the bank are not known yet.
DBS became one of the first mainstream lenders to adopt digital assets by offering trading services to institutional clients from early 2021. However, it is still a legacy approach as clients need to call the bank to place a crypto trading order.
The bank is initially focused to digitize its crypto services to make them more accessible in the first half of the ongoing year. Its focus on crypto can also be seen as it made its crypto trading desk available around the clock 24/7. Initially, the services were only available during Singapore banking hours.
Exploding Demand
Meanwhile, demand for DBS’s crypto services also exploded since the launch of its services. In an interview with Coindesk, DBS Digital Exchange (DDEx) CEO, Lionel Lim revealed that the platform handled $819 million as the yearly trading volume in 2021, out of which $595.5 million worth of cryptos were traded in the final quarter of the year.
Overall, the bank also posted an overall profit of $1.03 billion for the fourth quarter of the year, a jump of 37 percent.
Meanwhile, DBS made further bets in the decentralization ecosystem and launched blockchian bonds last year. It also partnered with JPMorgan for the development of a
blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term-based
cross-border payments
Cross-Border Payments
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Read this Term platform.
Singapore-based lender DBS (SGX: D05) is considering to expand its digital asset trading facility to retail customers by the end of this year, the CEO revealed on Monday in an earnings call. Currently, the crypto services of the bank are only limited to institutional clients.
“We are starting the initial work to expand it beyond the current investor base,” DBS CEO Piyush Gupta said. “Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”
However, details of the retail crypto trading services to be offered by the bank are not known yet.
DBS became one of the first mainstream lenders to adopt digital assets by offering trading services to institutional clients from early 2021. However, it is still a legacy approach as clients need to call the bank to place a crypto trading order.
The bank is initially focused to digitize its crypto services to make them more accessible in the first half of the ongoing year. Its focus on crypto can also be seen as it made its crypto trading desk available around the clock 24/7. Initially, the services were only available during Singapore banking hours.
Exploding Demand
Meanwhile, demand for DBS’s crypto services also exploded since the launch of its services. In an interview with Coindesk, DBS Digital Exchange (DDEx) CEO, Lionel Lim revealed that the platform handled $819 million as the yearly trading volume in 2021, out of which $595.5 million worth of cryptos were traded in the final quarter of the year.
Overall, the bank also posted an overall profit of $1.03 billion for the fourth quarter of the year, a jump of 37 percent.
Meanwhile, DBS made further bets in the decentralization ecosystem and launched blockchian bonds last year. It also partnered with JPMorgan for the development of a
blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term-based
cross-border payments
Cross-Border Payments
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Read this Term platform.
Cryptocurrency
