DBS's biggest bank, MetaComp, not entering crypto triathlon

DBS's biggest bank, MetaComp, not entering crypto triathlon

MetaComp, the only other provider that holds all three licenses in Singapore, told Token2049 that it was the first to let their clients pay for securities with their crypto holdings - albeit by first converting the stablecoin to fiat.

Moments later, CryptoDesk asked Evy Theunis, head of digital assets at DBS' institutional banking group, why the company didn't enter this crypto triathlon, despite appearing fit to do so. DBS currently offers digital asset custody, a digital exchange for listing and trading, security tokens, and the ability to manage traditional assets alongside a crypto portfolio using the same app.

DBS, a significant player in China, Hong Kong, Indonesia and South Korea, is regarded as the equivalent of the Eliot Kipchoge of finance in the region. If digital assets were a triathlon, it could not be the reigning champion, but it sure knows how to win. With the volatility of crypto, DBS' brand recognition as the'safest bank in Asia' for 14 consecutive years for 14 consecutive years makes every step it takes towards crypto a giant step towards legitimacy for the space.

In a panel at Token2049, she said that digital assets under custody at DBS grew around 150% year-on-year as of the end of the second quarter. In the same period, Bitcoin prices rose 50 % and ETH prices 80%, according to CoinMarketCap.

We need builders to make blockchain tech ready for scalable adoption, like with eBLs on a blockchain. That's why we are participating in all these initiatives to bring together and work with builders, he said.