Southeast Asia’s Largest Bank DBS Sees 80% Increase in Bitcoin Volume on Its Cryptocurrency Exchange

DBS, the largest bank in Southeast Asia, has reported a significant increase in bitcoin trading volume in 2022 on its cryptocurrency exchange. The bank’s digital asset exchange, DBS Digital Exchange (DDEX), also saw an increase in ether trading volumes, making 2022 a record year for an exchange.

According to the bank, the volume of bitcoin traded on DDEX has increased by about 80% over the past year, while the number of Ethereum transactions has increased by about 65%. The bank also noted that the amount of bitcoin and ether in DBS custody has increased by more than 100% and 60%, respectively.

Lionel Lim, chief executive officer of the bank’s DBS Digital Exchange, attributed the increase in trading volume to a focus on market trust and stability, especially in the wake of several scandals that rocked the industry.

“We think the market has decisively turned its attention to trust and stability, especially after several scandals that rocked the industry,” Lim said.

Launched in December 2020, DBS Digital Exchange is a subscription-based exchange for institutional and accredited investors. In September 2021, the bank launched autonomous cryptocurrency trading through its DBS DigiBank app.

Currently, DBS Digital Exchange offers spot trading in six cryptocurrencies including BTC, ETH, BCH, XRP, DOT and ADA. The bank said its customer base will double in 2022 compared to last year, with around 1,200 registered participants on DBS exchanges by the end of December.

“As a DBS-backed regulated digital exchange, we offer a number of unique advantages that have been appreciated by investors as they seek a reliable path into the digital asset economy,” explained Lim.

The bank said it did not observe any major cryptocurrency sell-offs on its platform last year, despite crypto winter and several major players in the space filing for bankruptcy. The bank said clients on its exchange held net long positions in the second half of 2022.

“We have taken a cautious and deliberate approach to developing the digital asset ecosystem, choosing to evolve in tandem with the market as it matures and investors become more sophisticated,” Lim said.

Last week, DBS announced plans to expand its cryptocurrency services to clients in Hong Kong. The bank aims to apply for a digital asset license as the city strives to become a crypto hub.

The significant increase in DBS Digital exchange volumes reflects the continued strength of the bank’s digital asset ecosystem despite market volatility, and highlights growing interest in cryptocurrencies from institutional and accredited investors in Southeast Asia.

Disclaimer: The information provided by WebsCrypto does not represent any investment advice. Articles published on this site represent only personal opinions and have nothing to do with the official position of WebsCrypto.


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