Amidst scandals that have shaken the crypto realm, DBS, the largest bank in Southeast Asia, has seen its cryptocurrency exchange trading volume skyrocket in 2022 – bitcoin trading soared 80%, and ether trading surged 65%. Moreover, a DBS executive declared that they believe the market has shifted to prioritize trust and stability.
DBS Hits All-Time High in Bitcoin and Ether Trading!
Last week, DBS, Southeast Asia’s largest bank, unveiled some breaking records with its digital asset exchange for bitcoin and ether trades in 2022. Not only was the trading of BTC and ETH volumes through DDEX jumped to 80% and 65%, but the amount of bitcoin and ether under the custody of the bank has also soared by 100% and 60%, respectively.
The Story Of DBS Until Now
December 2020 saw the launch of DBS Digital Exchange, a members-only exchange for institutional and accredited investors. Furthermore, last September, DBS Digibank powered its way into the crypto space by rolling out its self-directed crypto trading feature. That’s right – crypto just got cooler.
Flash-forward to the present and you’ll find that the exchange now offers spot trading for Bitcoins, Ethereum, and some other prominent crypto coins. It’s no wonder that its trading base has nearly doubled in the year 2022. And, as of the end of December, DBS Digital Exchange had close to 1,200 registered participants.
Despite the crypto winter and the filing for bankruptcy of crypto exchange FTX, DBS reported that there were no major sell-offs on its platform in the previous year. In fact, customers maintained a net-buy position throughout the second half of 2022. Just last week, DBS announced plans to expand crypto services to Hong Kong customers and apply for a digital asset license.