DBS Bank, a Singaporean multinational banking giant, admits that interest around the cryptocurrency market is "quite high" as only four cryptocurrencies on its digital assets exchange called DBS Digital Exchange saw 120 clients onboard with $40 million of daily trading volumes.
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During DBS' recent earnings call, Piyush Gupta, DBS Chief Executive Officer, said the bank does not yet know what the maximum revenue it can get from the cryptocurrency market.
"So my thinking is, we should get in there, figure it out and grow and then we'll get a better sense for how big this could be in time," Gupta said.
He also added that the bank's cryptocurrency custodian is getting a lot of approaches from other exchanges who want to use it. As of press time, DBS Digital Exchange supports four digital assets: bitcoin (EXANTE: Bitcoin), ether (ETH), bitcoin cash (BCH) and XRP. The exchange's clients can trade the with fiat currencies (SGD, USD, HKD, JPY).
Earlier in April, banking giants JPMorgan and DBS teamed up with state-owned investment firm Singapore Temasek to create a new blockchain company to improve cross-border payments. The new company, called Partior, will use blockchain tech and digitize commercial bank money in order to reduce existing friction in cross-border payments, trade transactions and currency settlement.
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