Southeast Asia’s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange
DBS, the largest bank in Southeast Asia, announced last week that its digital assets exchange has seen record volumes for bitcoin and Ethereum in 2022, and that the bank’s overnight bitcoin and Ethereum volumes have increased over this period. The bank points out that the number of bitcoins traded on the DBS Digital Exchange (DDEX) saw us grow by more than 80 percent year-over-year and the number of Ethereum traded on the platform was nearly 65 percent. The bank further reveals that “the number of bitcoin and ether with DBS is over 100% and 60% respectively, emphasizing that this is the bank’s constant move towards the digital asset ecosystem, despite growth and volatile market trends.” shows strength.
Lionel Lim, chief executive of DBS Digital Exchange, comments that markets have decisively turned their attention to trust and volatility, and we see this especially in the wake of the many scandals that have rocked the industry. The bank launched DBS Digital Exchange as a members-only exchange for Institutions and Accredited Investors in December 2020 and in September last year the bank launched trading service through its DBS Digi Bank application and if we talk about So the bank currently offers spot trading of 6 cryptocurrencies: BTC, ETH, BCH, XRP, DOT and ADA. Its customer base was set to double in 2022 compared to last year, and the bank said that at the end of December, the DBS exchange had about 1,200 registered participants.
The Chief Executive Officer while disclosing in due course that supported us as a regulated digital exchange offers a number of advantages which have been appreciated by the investors as they gain a confidence to access the digital asset economy. Let’s look for the done. It was further stated that as the largest bank in South East Asia, it did not observe any sell-off of cryptocurrencies on its platform last year while a variety of firms also went bankrupt following the collapse of the crypto exchange. The bank said it had seen net buying positions of its exchange clients in the second half of 2022. Lim concluded by saying that we have developed an approach to developing our digital assets ecosystem in a prudent and smart way and as the market matures and investors become more sophisticated- That’s how keeping pace with the market begins.
Last week, DBS revealed its plans to expand crypto services to customers in Hong Kong and the bank intends to apply for a digital assets license as the city strives to become a crypto hub.
