DBS Bank, Singapore's largest retail and commercial bank, has appear its first-quarter fiscal results following the launch of its institutional cryptocurrency exchange in Dec 2020.

DBS chief financial officer Chng Sok Hui said that the banking concern saw record operation equally quarterly net turn a profit surpassed $2 billion for the start fourth dimension in history, doubling from the previous quarter.

DBS' newly launched crypto platform, DBS Digital Exchange, plainly played a significant part in the banking company's latest milestone, as the platform saw a tenfold increase in daily trading volumes, reaching $30 million to $40 million, DBS CEO Piyush Gupta said.

The CEO announced further plans for the newly launched crypto substitution, including the company'south first security token offering scheduled for the 2d quarter of 2021.

Gupta too mentioned the company's collaboration with Us investment bank JPMorgan Chase and Singapore land investment firm Temasek to create a new blockchain venture focused on global interbank transactions.

 "Blockchain can change the paradigm. Money can be converted into digitized form that has been cleared, which can be sent beyond for settlement as quickly as the written message," the CEO stated.

Gupta said that DBS and JPMorgan's blockchain-powered cross-border payments volition involve tests featuring the Singapore dollar and the U.S. dollar. "We are actively bringing in other banks and then that the euro, sterling, renminbi etc become office of the organisation. And if we tin do that, we will exist an important role of a game-changing infrastructure for payments," he stated.