The largest bank in Singapore is backing Bitcoin, crypto and blockchain tech despite the regulatory uncertainty and market downturn.

According to a new report from the Financial Times, DBS CEO Piyush Gupta says the recent cryptocurrency slump shows the need for regulated financial institutions to offer digital asset products.

DBS first rolled out its crypto exchange for institutional and accredited investors in late 2020, offering trading services for Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH). Earlier this year, Gupta announced plans to further expand its crypto offerings.

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