Singapore’s largest bank has posted tenfold cryptocurrency adoption growth for Q1 2021, according to its quarterly report out last week. (Last year, we posted Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, Singapore Bank, and Singapore Bank in the first quarter of 2019.)
DBS Bank, Singapore’s largest retail and commercial bank, has announced its first quarter financial results after launching an institutional cryptocurrency exchange in December 2020.
Chung Seok Hui, CFO of DBS, said the bank posted record results, with net profit on a quarterly basis exceeding $2 billion for the first time, doubling from the previous quarter.
The recently launched cryptocurrency platform, DBS Digital Exchange, has apparently played a major role in the bank reaching this latest milestone, as the daily trading volume on the platform has increased tenfold to $30-40 million, said DBS CEO Piyush Gupta.
The CEO announced more plans for the recently launched cryptocurrency exchange, including the company’s first security token offering, scheduled for Q2 2021.
Gupta also mentioned the company’s collaboration with US investment bank JPMorgan and Singapore’s sovereign wealth fund Temasek to create a new blockchain company focused on global interbank transactions.
Blockchain could be a paradigm shift. Money can be converted into a digitally cleared form that can be sent as quickly as a text message to be settled, the CEO said.
Gupta said blockchain-based cross-border payments are being tested by DBS and JPMorgan using the Singapore dollar and the US dollar. We are actively working with other banks to include the euro, sterling, yuan, etc. And if we can do that, we will be an important part of the payments infrastructure that will change the world, he added.
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