Southeast Asia’s largest bank, DBS, revealed that bitcoin transaction volume on its cryptocurrency exchange increased 80% in 2022, while ether transaction volume increased 65%. “We believe the market has decisively shifted its focus towards confidence and stability, especially in the wake of the 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 posted record trading volumes for bitcoin and ether in 2022. Additionally, the number of BTC and ETH in custody at the bank was shot during the same time period.
According to the bank, the number of bitcoins traded on the DBS Digital Exchange (DDEX) was nearly 80% higher year-over-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 held in DBS custody (increased) by more than 100% and 60% respectively,” stressing that the growth reflects the “continued strength of the bank’s digital asset ecosystem despite volatility.” From the market”.
Lionel Lim, CEO of DBS Digital Exchange, commented:
We believe that the market has decisively shifted its focus towards confidence and stability, especially in the wake of the multiple scandals that have rocked the industry.
The bank launched the DBS Digital Exchange in December 2020 as a members-only exchange for institutional and accredited investors. In September last year, the bank launched self-directed crypto trading through its DBS Digibank app.
DBS Digital Exchange currently offers spot trading of six cryptocurrencies: BTC, ETH, BCH, XRPPOINT and ADA. Its customer base doubled in 2022 from the previous year, the bank said, adding that as of the end of December, the DBS exchange had close to 1,200 registered participants.
“As a regulated digital exchange backed by DBS Group, we offer 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 bank in Southeast Asia said it did not see any major cryptocurrency selloffs on its platform last year despite the crypto winter and several major companies in the space filing for bankruptcy, including cryptocurrency exchange FTX. The bank added that clients on its exchange had a net buy position during the second half of 2022.
Lim opined:
We have taken a prudent and measured approach to developing our ecosystem of digital assets, choosing to keep pace with the market as it matures and 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 cryptocurrency trading platform? Let us know in the comments section.
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