DBS, Southeast Asia’s largest bank, revealed that bitcoin trading volume on its cryptocurrency exchange surged 80% in 2022, while Ether trading volume jumped 65%.” DBS executives explained, “We believe the market has decisively shifted its focus toward trust and stability, especially in the wake of the multiple scandals that have rocked the industry.
DBS has seen record transaction volumes in Bitcoin and Ether
DBS, Southeast Asia’s largest bank, announced last week that it sees record trading volumes of bitcoin and ether on its digital asset exchange in 2022. Also,years BTC
and
ETHin the bank’s custody increased sharply over the same period.
The bank said that the number of bitcoins traded on the DBS Digital Exchange (DDEX) increased by nearly 80% year over year, while the number of ethers traded on the platform increased by nearly 65%. The bank further revealed that “the number of bitcoins and Ethers custodied at DBS increased by more than 100% and 60% (respectively),” stressing that this growth “reflects the continued strength of the bank’s digital asset ecosystem despite the volatility of the market.”
Lionel Lim, Chief Executive Officer of DBS Digital Exchange, commented:
We believe the market has shifted decisively toward trust and stability, especially in the wake of the multiple scandals that have rocked the industry.
The bank launched the DBS Digital Exchange in December 2020 as a membership exchange for institutional and accredited investors. Last September, the bank rolled out crypto trading for its own account via the DBS Digibank app.
DBS Digital Exchange currently offers spot trading in six cryptocurrencies. BTC, ETH,.BCH, XRP
DOT, and.ADA. Its customer base doubled in 2022 from the previous year, with nearly 1,200 registered participants on the DBS exchange at the end of December.
“As a regulated digital exchange backed by DBS Group, we offer many unique advantages that are highly valued by investors seeking a reliable gateway to access the digital asset economy,” Lim elaborated.
Southeast Asia’s largest bank said it did not observe any major sell-offs of cryptocurrencies on its platform last year, despite several major companies in this space, including crypto winter and crypto exchange FTX, filing for bankruptcy. The bank added that its exchange customers had net buy positions through the second half of 2022.
Lim opined.
We have taken a measured and cautious approach to the development of our digital asset ecosystem as the market matures and investors become more sophisticated.
Last week, DBS announced plans to expand its crypto services to clients in Hong Kong. The bank intends to apply for a license for its digital assets as Hong Kong aims to become a crypto hub.
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