DBS Digital Exchange’s Bitcoin Trading Volume Increased By 80% In 2022

Key Points:

• According to a press statement from Singapore’s DBS bank, the amount of Bitcoin exchanged on its DDEx exchange was roughly 80% larger than it had been the previous year, and the amount of Ether moved there was nearly 65% higher.
• The bank said that customers kept parking additional digital assets with the bank’s institutional-grade digital custody service.
• DBS said that it had benefited from people fleeing the unpredictability to safety.

In spite of a general decrease in cryptocurrency values, Singapore’s DBS bank reported an increase in Bitcoin trading volume on its digital exchange DBS Digital Exchange (DDEx), last year.

DBS said that customers kept parking additional digital assets with the bank’s institutional-grade digital custody service. According to a statement released on Wednesday, the amount of Bitcoin exchanged on the DDEx increased by 80% last year, while the amount held in custody as of December 31 more than doubled. Additionally, almost 65% more Ethereum (ETH) was traded on DDEx in 2022 compared to 2021.

The collapses of the hedge fund Three Arrows Capital and Sam Bankman-Fried’s exchange FTX, among others, have shaken investor confidence in the cryptocurrency industry, which is currently experiencing a slump. DBS said that it had benefited from people fleeing the unpredictability to safety.

Lionel Lim, CEO of the DBS Digital Exchange, said in a statement:

“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. 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.”

With around 1,200 players enrolled on the exchange, DDEx also claimed that its customer base had quadrupled in 2022 and cited an increase in customers adopting its digital custody solution.

Corporate and institutional investors accredited investors, and family offices use DDEx as a members-only exchange because they are often better equipped to handle market risks. As a result, DBS did not see any significant selloffs in 2022, while DDEx saw its clients in a net purchase position for the second half of the year.

Due to market volatility and macroeconomic uncertainty, Lim said initiatives related to security token offerings were placed on pause; nonetheless, DBS will pursue chances for high-quality STO listings in 2023.

Recently, DDEx added Cardano (ADA) and Polkadot (DOT) to its list of six tokens that may be traded on its platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News