DBS CEO expects bank to launch crypto trading desk for retail users by year’s end

Via Finbold by Jordan Major

DBS CEO expects bank to launch crypto trading desk for retail users by year’s end
Singapore’s DBS bank has outlined plans to launch a retail crypto trading desk by the end of the year after opening an institutional digital asset trading desk back in 2021.

When asked about the platform during an earnings call after releasing their fourth-quarter results on Monday, February 14, CEO Piyush Gupta acknowledged that there is still more work to be done, but the bank estimates that it will be operational by the end of 2022.

“We are starting the initial work to expand it beyond the current investor base [of accredited investors],” Gupta said.

He added: 

“Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”

Improving the efficiency of the trading desk

Furthermore, the CEO said that the bank would devote its first half of this year to improving the ease with which current clients may use the digital assets trading desk.