Crypto Trading Volumes Spike at the Largest Southeast Asian Bank DBS
DBS,
the largest bank in Southeast Asia, has benefited from the recent crypto market
sell-off. The trading volume of its crypto exchange nearly doubled in July
compared to April. The quantity of bitcoin bought on its exchange grew nearly
four times during the period.
DBS Crypto Customers Bought the Dip
DBS,
the largest bank in Southeast Asia by assets, announced on Monday that DBS
Digital Exchange (Ddex) had benefited as crypto investors sought safety amid
market volatility. DBS, headquartered and listed in Singapore, has a presence
in 18 markets.
"With
the digital asset industry experiencing unprecedented volatility... DBS’
digital asset ecosystem has been a beneficiary of this flight to safety,"
the bank detailed, elaborating:
"Investors
who believe in the long-term prospects of digital assets are gravitating
towards trusted and regulated platforms to access the digital asset
market."
As
investors bought the dip, the total number of trades executed on Ddex in June
was more than double that of April. DBS stated that "Buys accounted for
over 90% of trades on Ddex in June 2022."
The
largest bank in Southeast Asia commented:
"The
quantity of BTC bought
on Ddex in June 2022 was nearly four times that of April 2022. Similarly, the
quantity of ETH bought
on Ddex in June 2022 was 65% higher than that of April 2022."
In
addition, DBS revealed that customers are storing more digital assets using its
institutional-grade custody solution. The number of bitcoin (BTC) under custody
as of June 30 grew by about 30% since April 30, while the number of ether (ETH)
under custody grew by about 3% during the same period.
Meanwhile,
DBS noted that the customer base of its crypto exchange continued to grow
throughout the market volatility. The Ddex exchange "registered a 10%
growth in its customer base" as of June 30 as compared to April 30.
Moreover, inquiries from corporate and institutional investors also remained
strong, the bank said.
DBS
Digital Exchange CEO Lionel Lim commented, "What we are seeing in the
digital asset industry is a great reset as the investment narrative shifts
decisively away from the chase for yield," adding:
"Investors
today are instead seeking out safe harbors to trade and store their digital
assets amid the ongoing market volatility."
DBS
also noted that it is "on track to roll out self-directed trading for
accredited investors in the coming months."
The
bank launched a cryptocurrency exchange in December 2020. It then launched a
trusted service for cryptocurrencies in May last year, followed by the launch
of its first security token offering.
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