DBS Bank Registers an 80% Increase in Bitcoin Trading Volume
The largest bank in Southeast Asia, DBS, has revealed that bitcoin trading volume on its crypto exchange has registered an 80% increase in 2022, while ether trading volume surged by 65%. "We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry," explained the chief executive of the bank.
Record Trading Volumes for Bitcoin and Ether
DBS, the largest bank in Southeast Asia, announced last week
that its digital asset exchange saw record trading volumes for bitcoin and ether
in 2022. In addition, the number of BTC and ETH in custody at the bank
rose during the same period.
According to the bank, the number of bitcoin traded on DBS
Digital Exchange (DDEX) was close to 80% higher year-on-year, while the number
of ether traded on the platform was nearly 65% higher. The bank further
revealed that the "number of bitcoin and ether in custody with DBS is up
more than 100% and 60%, respectively," highlighting that the growth
reflects the "continued strength of the bank’s digital asset ecosystem
despite market volatility."
Lionel Lim, chief executive of DBS Digital Exchange, said:
"We believe that the market has decisively shifted its
focus towards trust and stability, especially in the wake of multiple scandals
that have rocked the industry."
The bank launched DBS Digital Exchange in December 2020 as a members-only exchange for institutional and accredited investors. The bank rolled out self-directed crypto trading on its DBS Digibank app in September 2023.
DBS' Customer Base Has Doubled
DBS Digital Exchange currently offers spot trading of six
cryptocurrencies: BTC, ETH, BCH, XRP, DOT, and ADA. The customer base of the bank
doubled in 2022 compared to the previous year. The bank announced that at the
end of December, the DBS exchange had close to 1,200 registered participants.
"As a regulated digital exchange backed by the DBS Group,
we offer many unique advantages that investors have come to appreciate as they
seek reliable gateways to access the digital asset economy," Lim
explained.
The largest bank in Southeast Asia said it did not observe any
major sell-offs on its platform last year, despite the crypto winter and
several firms filing for bankruptcy, including crypto exchange FTX. The bank
added that its customers in the exchange had a net-buy position throughout the
second half of 2022.
Lim opined:
"We have taken a prudent and measured approach towards
developing our digital asset ecosystem, choosing to keep pace with the market
as it matures and as investors become more sophisticated."
What is your take on DBS registering record trading volumes on
its crypto exchange? Please post your comments.
0 Comments