Bank With $489,000,000,000 in Assets Explains How Crypto Can Reach the Mainstream Public: Report

Singapore’s largest bank is backing cryptocurrencies and blockchain technology despite regulatory uncertainty and market downturn.

according to the new report In a Financial Times article, DBS CEO Piyush Gupta said the recent cryptocurrency slump shows the need for regulated financial institutions to offer digital asset products.

DBS First roll out In the second half of 2020, we will open a virtual currency exchange for institutional and accredited investors, and provide bitcoin trading services (Bitcoin), Ethereum (ethereum), XRP and Bitcoin Cash (BCHMore).Earlier this year, Gupta announced plans to further expand its offering of cryptographic products.

Now Gupta says financial regulators can help cryptocurrencies penetrate the general public.

Instead of having a regulated space and a cowboy space and making sure everyone can go to the cowboy space, try creating a framework and processes to make these wisely available to everyone. please give me.”

Nizam Ismail, founder of Ethikom Consultancy, a consulting group in the digital space, says the volatility of cryptocurrencies makes it difficult for most people to fully appreciate the risks of investing until it’s too late.

In fact, cryptocurrencies are very volatile and should basically be left to people who understand the risks

Gupta said the main concern is that customers may get “burned” by the cryptocurrency depreciation.

On the one hand, we want to be a global crypto hub.

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Featured Image: Shutterstock/Tithi Luadthong