Bitcoin

Crypto Volume Grows in Singapore’s Largest Bank in Q1 of 2021

The CEO of the DBS financial bank, Piyush Gupta, explained how the bank’s exchange rate made arrangements for the token after the quarter 2 offering. The bank’s quarter one results have been released just after launching a cryptocurrency exchange in December of 2020.

The top financial officer of DBS Chng Sok Hui described the results as full of profits and that the net profit of the first quarter had exceeded over two billion dollars, which has never happened since the start of DBS company and was double the profits of the last quarter.

The new crypto platform of the DBS Digital Exchange company was the key player in increasing the profits. The trading sums each day ranged from thirty to forty million dollars as per Gupta.

The chief executive officer of DBS further unleashed major plans, with the various tokens of security starting from 2021 in the second quarter. He highlighted the partnerships which were established with US-based JPMorgan and Singapore-based Temasek, to open a venture of blockchain that deals with interbank transactions worldwide.

The CEO of DBS explained that blockchain could easily change the paradigm, for example, through conversion of money into digital forms that have been cleared hence allowing transactions to be done as easily as writing a message.

The DBS and the JPMorgan companies may create a blockchain that powers cross-border payments with the Singapore and the USA dollar featuring in the project tests.

The CEO also described that more banks are being brought to involve the euro, renminbi, and the sterling in the project. Gupta said that the project would be the basis of a game-changer in the payment infrastructure that is already established.

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