Our observation:
Just a few days back we shared an article reporting a similar trend in the U.S where the PNC Bank, 5th largest bank by assets in the U.S, is planning to offer crypto investment and services to its customers.
DBS Bank has been one of the forerunners, promoting and advocating the use of cryptocurrencies when most other banks were skeptical and critical of cryptocurrencies. In the circumstances, it is no surprise that DBS is also taking the lead by obtaining a license before others. The bank is poised to take advantage of its first-mover status in the South East Asia.
The bank also noted that its crypto exchange, which is a members-only exchange for institutional and accredited investors, "has gained good traction since its launch" late last year. In May, the bank said its exchange's crypto trading volumes increased 10 times. It also launched a trust service for cryptocurrencies during the same month.
This very attitude of the banks catering to only a select group of customers, leaving out a large section of the society from benefiting from investment opportunities and banking services, is what prompted the creation of cryptocurrencies. Unfortunately, banks seems not to have learnt a lessons from the past behaviors. Can we blame the younger unbanked generations for scoffing at the financial institutions and finding their own avenues in technologies?
Original Article
