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.

Comments

Post a Comment

Popular posts from this blog

Here’s how big food and beverage brands are using NFTs: Report

Image
The key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Nonfungible tokens (NFT) adoption is picking up steam across the food and beverage industry, with many fast-food chains displaying interest in this new asset class.  A report by ResearchAndMarkets.com states that the global food & beverage NFT market size is expected to reach USD 2,134.04 Million by 2032. These statistics have been evident as recently, Global fast-food brands , including Pizza Hut and Papa John’s, are discovering new ways to integrate NFTs into their marketing strategies.  The report states that the key supporting factors for the market are the adoption of blockchain technology and the demand for NFTs for transparency and traceability in the food industry. Unique ownership opportunities, using NFTs in virtual reality and video games, promotions and advertising from food companies and restaurants are o...
Read more

Strategist Warns Credit Suisse Next to Collapse — Says 'There's a Run on the Bank'

Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor. Credit Suisse Next to Fall, Says Strategist Market strategist Greg Foss warned about the impending collapse of Swiss banking giant Credit Suisse on the Coin Stories podcast, published Tuesday. His warning followed the collapses of several major U.S. banks, including Silicon Valley Bank and Signature Bank. Foss is currently executive director at Validus Power Corp. He was a founding shareholder of 3iQ Corp. and previously held the role of senior portfolio manager with a focus on credit strategies at Fiera Quantum. He was also a managing partner for credit strategies at both GMP Investment Management and Marret Asset Management, an...
Read more

Tax Authorities Of Argentina Check Bitcoin Wallets For Unpaid Taxes As Inflation Hits Max

Image
Mar 21, 2023 at 08:12 // News Author Nina Lyon An annual inflation rate of 100% is prompting Argentines to increasingly opt for cryptocurrencies. Bitcoin becoming a haven for Argentines The latest data points out that Argentina's annual inflation rate surpassed 100% in February 2023, reaching the highest level since the country's hyperinflation in 1991. Bitcoin and other cryptocurrencies have become a haven for Argentines trying to save their assets. However, Argentina's Federal Public Revenue Administration (AFIP) points out th...
Read more