DBS Records 80% Increase in Bitcoin Trading Despite Bear Market: Report
DBS Digital Exchange (DDEx), the crypto trading subsidiary of the Singapore banking giant DBS Group Holdings, witnessed exponential growth in bitcoin trading last year despite the winter that wiped out billions of dollars from the market.
According to the report from Bloomberg, the exchange recorded an 80% increase in Bitcoin trade volume compared to the previous year. Despite negative sentiments in the market, the number of BTC in DDEx’s custody doubled as of December 31, 2022.
DBS Records Massive Growth in Crypto Business
Furthermore, the company saw impressive growth in its Ethereum (ETH) transaction volume, with about 65% on record.
In August, the firm disclosed it had recorded significant transaction volumes on the exchange following the market meltdown in the previous quarter.
Aside from the surge in Bitcoin and Ethereum transaction volumes, DDEx experienced an increase in its customer base. The DBS crypto subsidiary doubled its user base in 2022, with 1,200 new clients registered on the platform.
“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,” Lionel Lim, CEO of the DBS Digital Exchange, said in a statement.
DDEx Expansion Plans
DDEx is one of the industry’s first digital asset trading platforms managed by a traditional banking system.
The exchange was launched in 2020 strictly for institutional investors and wealthy clients to trade digital assets such as Bitcoin (BTC), Ethereum (Ether), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), and Ripple’s XRP.
DBS planned to make the exchange accessible to retail investors last year but later backed out in April due to regulatory requirements in Singapore. Nonetheless, the company intends to expand its services to other Asian countries.
Last week, Bloomberg reported that DBS plans to obtain authorization from Hong Kong regulatory authorities to provide its crypto services to customers in the region. The bank said it would make a move when the country concludes its new crypto regulatory framework.
DBS was also pushing to launch security token offerings (STO) for its clients, but the plan was halted due to “market volatility and macroeconomic uncertainty.” However, Lim said the company would explore opportunities for listing “high quality” STOs this year.
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