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 revealed that bitcoin trading volume on its cryptocurrency exchange jumped 80% in 2022 while ether trading volume surged 65%. “We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry,” a DBS executive described.
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. In addition, the number of BTC and ETH under custody at the bank soared during the same time period.
According to the bank, the number of bitcoin traded on DBS Digital Exchange (DDEX) was close to 80% higher year-on-year while the number of ether traded on the platform was nearly 65% higher. The bank further revealed that the “number of bitcoin and ether custodised with DBS [is] up more than 100% and 60% respectively,” emphasizing that the growth reflects the “continued strength of bank’s digital asset ecosystem despite market volatility.”
Lionel Lim, chief executive of DBS Digital Exchange, commented:
We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry.
The bank launched DBS Digital Exchange in December 2020 as a members-only exchange for institutional and accredited investors. In September last year, the bank rolled out self-directed crypto trading via its DBS Digibank app.
DBS Digital Exchange currently offers spot trading of six cryptocurrencies: BTC, ETH, BCH, XRP, DOT, and ADA. Its customer base doubled in 2022 from the previous year, the bank said, adding that at the end of December, the DBS exchange had close to 1,200 registered participants.
“As a regulated digital exchange backed by the DBS Group, we offer many unique advantages that investors have come to appreciate as they seek reliable gateways to access the digital asset economy,” Lim detailed.
The largest bank in Southeast Asia said it did not observe any major sell-offs in cryptocurrencies on its platform last year despite the crypto winter and several major firms in the space filing for bankruptcy, including crypto exchange FTX. The bank added that its exchange’s customers had a net-buy position throughout the second half of 2022.
Lim opined:
We have taken a prudent and measured approach towards developing our digital asset ecosystem, choosing 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 strives to become a crypto hub.
What do you think about DBS seeing record trading volumes on its crypto trading platform? Let us know in the comments section below.
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