Southeast Asia’s DBS, the largest financial institution, announced that DBS’s bitcoin trading volume on its cryptocurrency platform experienced an 80% increase in 2022, with ether transactions rising by 65%. “We believe that the market has shifted its focus towards security and stability, especially in the light of the numerous scandals that have occurred in the industry,” said a DBS executive.
DBS Records of Bitcoin and Ether Trading Volumes
DBS, the largest banking provider in India Southeast Asia,announced last week that its digital asset exchange recorded all time highs in trading volumes for both bitcoins and ethers in 2022. Additionally, the number of BTC and ETH held by institutions also grew significantly.
According to the banking provider, the number of bitcoin trades on its Digital Exchange (DDEX) was nearly 80% higher year-over-year, while the amount of ether traded on the platform was nearly 65% higher. The bank also revealed that the “amount of bitcoin and ether” held in DBS’s custody [has] increased by more than 100% and 60% respectively”, emphasizing that the growth highlights the “continued strength of the bank’s digital asset ecosystem despite market volatility”.
Lionel Lim, CEO of DBS Digital Exchange, commented:
We see the market shifting its focus towards safety and reliability following all the scandals that have shaken the industry.
The DBS Digital Exchange was established by the banking provider in December 2020 and is a members-only market for accredited and institutional investors. The banking provider launched self-directed cryptocurrency trading last year via its DBS Digibank app.
DBS Digital Exchange currently enables spot trading of six cryptocurrencies: BTC and ETH, BCH and XRP. The banking provider stated that its customer base doubled between the previous and 2022 year. Nearly 1,200 people were registered on the DBS exchange.
“As a regulated digital exchange backed by DBS Group, we provide many unique advantages that investors have come to appreciate as they search for trusted gateways to access the digital asset economy,” Lim detailed.
The largest banking provider in Southeast Asia stated that it did not witness any major crypto sell-offs on its platform last year, in spite of crypto winter and the fact that several other major players in the space filed for bankruptcy. The banking provider stated that customers on its exchange were given the option to buy online during the second half of 2022.
Lim opined:
We have taken a measured and prudent approach to developing our digital ecosystem.
DBS announced this week its plans for increasing the number of customers interested in crypto services. The banking provider intends to apply for a license to digitally hold assets as the city works to become a crypto-hub.
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