DBS Bank calls bitcoin the best medium for decentralized trading

Investment strategist Daryl Ho believes that the benefits of bitcoin should be considered regardless of whether its price changes or not

14.10.2022 - 14:30

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1 min

What’s new? Representatives of Singapore’s bank DBS said that bitcoin is a unique means of payment. According to investment strategist Daryl Ho, the uniqueness of the first cryptocurrency is determined not by its price, but by its utility, which allows one to transfer funds in a decentralized manner without the involvement of a central counterparty to clear the trade, finews.asia reports.

Information on the finews.asia website

What else did Ho say? The investment strategist believes that the benefits of bitcoin should be considered regardless of whether its price changes or not. According to him, if one focuses only on volatility, one may not notice other positive aspects of the asset. Ho added:

“Most of the methods by which you trade assets require a central clearing party to verify the trade. So, it is still an opportunity that fiat money cannot buy because fiat monetary systems are still governed by central banks.”

In August 2021, the bank received approval from the Monetary Authority of Singapore to provide crypto asset management services. In mid-September, DBS Bank entered into a partnership with The Sandbox metaverse. As part of the collaboration, DBS will create its own interactive virtual world called BetterWorld. The bank later said it introduced a cryptocurrency trading service for its wealthy clients who are accredited investors.

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