The bear market that has been going on since the beginning of the year has made many companies turn their backs on the cryptocurrency space. Many crypto-currency venture capitals, which collapsed one after the other during the bear market, triggered the exit of institutional investors from this area.
It is known that even the world’s largest cryptocurrency exchanges, especially Coinbase, have laid off thousands of people in the past months due to bear market reasons.
Are we at the end of the bear market or will this process continue? While the questions have become widespread recently, new news has come from Singapore’s largest bank, DBS Bank.
DBS Bank has announced that it plans to expand its operations in the cryptocurrency space following demand from its more than 300,000 wealthy clients.
Piyush Gupta, CEO of the $500 billion bank, said, “We want to be a global crypto currency center, but on the other hand, we are very worried about the possibility that the speculative side of the crypto money industry may victimize investors.”
In April, the bank said it was justifiably concerned about regulators stopping cryptocurrency trading for retail investors. cryptocurrency trading He said he backed down from his decision.
However, the CEO of the Bank, who said that they will accelerate the crypto money activities of the company after the high demand from the customers, seems to have given up the idea of taking a step back a few months ago.
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