Southeast Asia’s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange
The largest bank in Southeast Asia, DBS, has reported that bitcoin trading volume on its cryptocurrency exchange has jumped 80% in 2022, while ether trading volume has surged 65%. “We believe that the market has resolutely shifted its focus to trust and stability, especially after the many scandals that have rocked the industry,” said a DBS executive.
DBS sees 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. BTC And Ethereum bank custody has risen sharply over the same time period.
According to the bank, the number of bitcoins traded on the DBS digital exchange (DDEX) was almost 80% higher compared to last year, while the amount of ether traded on the platform was almost 65% more. The bank also said that “the amount of bitcoin and ether held in DBS [is] grew by more than 100% and 60%, respectively,” emphasizing that the growth reflects “the continued strength of the bank’s digital asset ecosystem despite market volatility.”
Lionel Lim, Executive Director of DBS Digital Exchange commented:
We believe that the market has resolutely shifted its focus to trust and stability, especially after the numerous scandals that rocked the industry.
The bank launched the DBS digital exchange in December 2020 as a members-only exchange for institutional and accredited investors. In September last year, the bank launched self-service cryptocurrency trading through the DBS Digibank app.
DBS Digital Exchange currently offers spot trading in six cryptocurrencies: BTC, Ethereum, BCH, XRPbunker and ADA. The bank said its customer base doubled from the previous year in 2022, adding that there were about 1,200 registered members on the DBS exchange at the end of December.
“As a regulated digital exchange backed by the DBS Group, we offer many unique benefits that are appreciated by investors looking for reliable gateways to access the digital asset economy,” Lim elaborated.
The largest bank in Southeast Asia said it did not see any major cryptocurrency sell-offs on its platform last year, despite the cryptocurrency winter and several large firms in the space that have filed for bankruptcy, including cryptocurrency exchange FTX. The bank added that its exchange clients had a net buy position throughout the second half of 2022.
We take a prudent and measured approach to the development of our digital asset ecosystem, determined to keep pace with the market as it matures and as investors become more sophisticated.
Last week, DBS unveiled its plan to expand crypto services to customers in Hong Kong. The bank intends to apply for a digital asset license as the city aims to become a crypto hub.
What do you think about the DBS record trading volumes on your cryptocurrency trading platform? Let us know in the comments below.
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