Southeast Asia’s Largest Financial institution DBS Sees 80% Improve in Bitcoin Quantity on Its Cryptocurrency Alternate

DBS, the most important financial institution in Southeast Asia, has reported a big improve in bitcoin buying and selling volumes on its cryptocurrency alternate in 2022. The financial institution’s digital asset alternate, DBS Digital Alternate (DDEX), additionally noticed a surge in ether buying and selling volumes, making 2022 a document yr for the alternate.

In accordance with the financial institution, the quantity of bitcoin traded on DDEX has elevated by nearly 80% in comparison with the earlier yr, whereas the variety of ethereum transactions has surged by nearly 65%. The financial institution additionally highlighted that the quantity of bitcoin and ether in DBS custody has elevated by greater than 100% and 60%, respectively.

Lionel Lim, chief govt of the financial institution’s DBS Digital Alternate, attributed the rise in buying and selling volumes to the market’s give attention to belief and stability, particularly within the wake of the a number of scandals that rocked the business.

“We predict the market has decisively shifted its focus to belief and stability, particularly after the a number of scandals that rocked the business,” Lim stated.

Launched in December 2020, DBS Digital Alternate is a membership-based alternate for institutional and accredited buyers. In September 2021, the financial institution launched autonomous cryptocurrency buying and selling by its DBS Digibank app.

At the moment, DBS Digital Alternate gives spot buying and selling in six cryptocurrencies, together with BTC, ETH, BCH, XRP, DOT, and ADA. The financial institution stated its buyer base would double in 2022 from the earlier yr, with nearly 1,200 registered individuals on DBS exchanges as of the tip of December.

“As a DBS-backed regulated digital alternate, we provide a lot of distinctive benefits that buyers have come to understand as they search a dependable route into the digital asset financial system,” Lim defined.

The financial institution added that regardless of the crypto winter and several other main gamers within the area submitting for chapter, it didn’t observe any main cryptocurrency sell-offs on its platform within the final yr. The financial institution stated purchasers on its alternate held web lengthy positions all through the second half of 2022.

“We’ve taken a cautious and deliberate method in creating the digital asset ecosystem, selecting to evolve in tandem with the market because it matures and buyers change into extra refined,” Lim stated.

Final week, DBS introduced plans to develop its cryptocurrency companies to prospects in Hong Kong. The financial institution goals to use for a digital asset license as the town strives to change into a crypto hub.

The numerous improve in DBS Digital Alternate volumes displays the continued energy of the financial institution’s digital asset ecosystem regardless of market volatility, and highlights the rising curiosity in cryptocurrencies from institutional and accredited buyers in Southeast Asia.