Giant Bank Enters The Market: Cryptocurrency Exchange Is Coming!

An international giant bank plans to establish a crypto currency exchange. Oversea-Chinese Banking Corporation (OCBC Bank), an international banking and financial services company headquartered in Singapore, announced that they are considering establishing a cryptocurrency exchange. At the end of last year, the Bank had $121 billion in assets under management, making it the second largest bank in Southeast Asia. For details of the news keep reading.

OCBC Bank launches cryptocurrency exchange

OCBC Bank, the second largest bank in Southeast Asia, is considering launching a crypto exchange. The Bank’s CEO, Helen Wong, made the following statement in an interview with Bloomberg TV:

We are looking at this and some serious work is being done at the Bank. The bank wants to “safely” address customer needs.

Meanwhile, DBS Bank, a rival of OCBC Bank, launched a crypto exchange in December 2020. DBS Vickers, the brokerage arm of DBS Bank, received a license to offer crypto services from the Monetary Authority of Singapore (MAS), the country’s financial regulator, in October. Once licensed, DBSV said it will be able to directly support executives and companies through DBS Digital Exchange (DDex), where they can access digital payment tokens services. Eng-Kwok Seat Moey, head of DBS capital markets group, made the following statement:

We are pleased to have made steady progress in our digital asset ecosystem in the six months since we launched DDEx last year. We have seen intense interest among asset managers and companies for access to crypto services.

DBS announced that the demand for cryptocurrencies is increasing gradually, that they expect the number of institutional customers to reach 1000 by the end of the year and the number to increase between 20% and 30% every year.

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