, bringing to a close months of industry navel-gazing. Following 2022’s slew of collapses and scandals, all owing to poor risk management, governance and oversight, the very fabric of the crypto industry has changed, leaving many to contemplate its future as a new cast of characters comes to the fore.
In a post-FTX climate, the tides turned. Whether institutional or retail, it is now less about returns, guaranteed or otherwise, and more about whether an entity can be trusted. This is somewhat counterintuitive in an industry underpinned by blockchain, a technology that upholds trustlessness as a core tenet.
Distinguished by its non-custodial trading capabilities, institutional customers choose from a network of trusted custodians where to hold their assets.While bank-backed exchanges are meeting evolving demands and expectations of new customer segments in crypto, the reality is that they serve the needs of a limited few. From a variety of perspectives, they are not offering anything new in terms of products or accessibility.
Naturally, what has made DBS’ model so successful is the unique paradigm under which it operates, in a city-state that has long favored private-public sector dialogue. Within a robust regulatory regime, there are pathways to offering safe and trusted digital asset trading services via banks.Earlier this summer, EDX Markets made waves when it launched in the United States, making it the closest thing to a bank-backed exchange state-side.
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