DBS, Singapore’s largest bank, It was announced It will begin offering over-the-counter (OTC) options trading and structured notes linked to Bitcoin and cryptocurrencies to institutional clients.
BREAKING: 🇭🇰 Singapore’s largest bank, DBS, will start operations #Bitcoin And trading crypto options. pic.twitter.com/lnres4MdMw
— Bitcoin Magazine (@BitcoinMagazine) September 17, 2024
As a leading Asian financial institution with over $360 billion in assets under management, DBS Bank is the latest major traditional bank to embrace Bitcoin-related financial products.
Starting in Q4 2024, qualified institutional investors and DBS Private Bank approved clients will be able to access dedicated exposure to Bitcoin and cryptocurrencies through over-the-counter trading options. This follows growing demand from professional investors allocating their investments to Bitcoin and cryptocurrencies.
“Professional investors are increasingly shifting their portfolios towards digital assets,” said a DBS executive. “Our clients now have an alternative channel to build exposure to the asset class and integrate advanced investment strategies.”
The news comes as more financial giants are launching bitcoin and cryptocurrency offerings following the success of bitcoin exchange-traded funds (ETFs) in the US this year. Earlier last month, CME Group also announced it would expand its bitcoin and crypto derivatives offerings by introducing bitcoin futures Friday (BFF).
Moves by leading banks like DBS could further legitimize Bitcoin as an asset class for institutional investors in Asia and globally. Many believe that wider availability of Bitcoin investment tools from reputable providers could accelerate its widespread adoption. If other major Asian banks follow suit, it could significantly expand regional access to Bitcoin.