DBS Group has published financial results for the first quarter of 2021. In particular, the largest financial holding in Singapore has disclosed the performance of its own cryptocurrency exchange – DBS Digital Exchange.
During the reporting period, the trading volume on the platform focused on institutional and accredited investors increased more than tenfold – up to $ 23- $ 30 million.
According to the document, the exchange serves the accounts of 120 clients and “hundreds, possibly thousands, are waiting in line”. The platform manages assets worth $ 60 million.
At a meeting with investors, holding CEO Piyush Gupta advised not to expect profits from the exchange until 2022. So far, the platform’s contribution to the structure of DBS Group’s income is less than one percent.
In the second quarter, the exchange expects to hold the first STO on its platform. It will also introduce custody services and will develop the Partior blockchain platform, which is being developed jointly with Temasek and JPMorgan.
Recall that in December 2020, the holding launched a platform for digital assets trading. The Singapore Stock Exchange has acquired a 10% stake in DBS Digital Exchange.