{"id":241793,"date":"2021-05-04T16:15:49","date_gmt":"2021-05-04T13:15:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/singapores-largest-bank-posts-tenfold-crypto-volume-growth-in-q1-2021\/"},"modified":"2021-05-04T16:15:49","modified_gmt":"2021-05-04T13:15:49","slug":"singapores-largest-bank-posts-tenfold-crypto-volume-growth-in-q1-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/singapores-largest-bank-posts-tenfold-crypto-volume-growth-in-q1-2021\/","title":{"rendered":"# Singapore\u2019s largest bank posts tenfold crypto volume growth in Q1 2021"},"content":{"rendered":"<p>&#8220;<strong># Singapore\u2019s largest bank posts tenfold crypto volume growth in Q1 2021 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvYzU4YWM2OTgtMDI5Zi00NjZmLWFjZGYtNzE3ZjllZjU3NmVkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>DBS Bank, Singapore\u2019s largest retail and commercial bank, has announced its first-quarter financial results following the launch of its institutional cryptocurrency exchange in December 2020.<\/p>\n<p>DBS chief financial officer Chng Sok Hui <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dbs.com\/iwov-resources\/images\/investors\/quarterly-financials\/2021\/1Q21_media_briefing.pdf\">said<\/a> that the bank saw record performance as quarterly net profit surpassed $2 billion for the first time in history, doubling from the previous quarter.<\/p>\n<p>DBS\u2019 newly launched crypto platform, DBS Digital Exchange, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arently played a significant role in the bank\u2019s latest milestone, as the platform saw a tenfold increase in daily trading volumes, reaching $30 million to $40 million, DBS CEO Piyush Gupta said.\u00a0<\/p>\n<p>The CEO announced further plans for the newly launched crypto exchange, including the company\u2019s first security token offering scheduled for the second quarter of 2021.<\/p>\n<p>Gupta also mentioned the company\u2019s collaboration with United States investment bank JPMorgan Chase and Singapore state investment firm Temasek to create a new blockchain venture focused on global interbank transactions.<\/p>\n<p>\u00a0\u201cBlockchain can change the paradigm. Money can be converted into digitized form that has been cleared, which can be sent across for settlement as quickly as the written message,\u201d the CEO stated.<\/p>\n<p>Gupta said that DBS and JPMorgan\u2019s blockchain-powered cross-border payments will involve tests featuring the Singapore dollar and the U.S. dollar. \u201cWe are actively bringing in other banks so that the euro, sterling, renminbi etc become part of the system. And if we can do that, we will be an important part of a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>-changing infrastructure for payments,\u201d he stated.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/singapore-s-largest-bank-posts-tenfold-crypto-volume-growth-in-q1-2021\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Singapore\u2019s largest bank posts tenfold crypto volume growth in Q1 2021 &#8221; DBS Bank, Singapore\u2019s largest retail and commercial bank, has announced its first-quarter financial results following the launch of its institutional cryptocurrency exchange in December 2020. DBS chief financial officer Chng Sok Hui said that the bank saw record performance as quarterly net&#8230;<\/p>\n","protected":false},"author":1,"featured_media":241794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvYzU4YWM2OTgtMDI5Zi00NjZmLWFjZGYtNzE3ZjllZjU3NmVkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74863,74860,77434,71939,117,5012],"class_list":["post-241793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-dbs-bank","tag-banks","tag-business","tag-singapore"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/241793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=241793"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/241793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/241794"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=241793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=241793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=241793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}