First, it was MicroStrategy and Square Inc. moving millions of dollars from their treasury into Bitcoin. Then came the news of PayPal offering cryptocurrencies to its 350+ million customers and 30+ million merchants.
And now the biggest bank in Singapore DBS Bank is launching its own cryptocurrency exchange whereby it will offer its institutional clients four cryptocurrencies Bitcoin, Bitcoin Cash, Ethereum, and Ripple.
DBS will not only offer institutional grade security to its customers but will also comply with AML and Counter Terrorist Financial regulations.
This is a very bullish development for two reasons. Number one, so far, all the banks have been considering cryptocurrencies as a threat to their business and have been openly opposing those and going to the extent of refusing banking services to people, institutions involved in the business of cryptocurrencies.
Now we expect many more banks to follow the suit soon.
The second reason for this news to be bullish for the whole crypto space is that DBS would be offering Bitcoin and other cryptos ETH, BTC Cash, XRP to their institutional customers. DBS customers can buy cryptos from USD, SGD, HKD and Japanese Yen.
DBS will also allow its corporate clients to offer security tokens of their own.
Now so far retail customers have had easy access to cryptocurrencies through normal cryptocurrency exchanges present across countries but the same was not the case with institutional buyers.
In the USA, Grayscale offers bitcoin and other cryptos to institutional buyers through its Grayscale Bitcoin Trust stocks.
Now with players like DBS coming into the market, it will increase the crypto access for institutions in their respective countries.
Since Bitcoin is a scarce digital asset, once the institutions feel the FOMO, we might witness a rush for BTC.
BTC price is about US$ 13400/-.