Southeast Asia’s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange – Featured Bitcoin News

The largest bank in Southeast Asia, DBS, has revealed that bitcoin trading volume on the cryptocurrency exchange jumped 80% in 2022, while ether trading volume increased by 65%. “We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of several scandals that have rocked the industry,” described a DBS executive.

DBS sees record trading volumes for Bitcoin and Ether

DBS, the largest bank in Southeast Asia, announced last week that its digital asset exchange had record trading volumes for bitcoin and ether in 2022. In addition, the number of BTC and ETH in custody at the bank increased during the same time period.

According to the bank, the number of bitcoins traded on DBS Digital Exchange (DDEX) was nearly 80% higher year-on-year, while the number of ethers traded on the platform was almost 65% higher. The bank further revealed that “the number of bitcoins and ether stored at DBS [is] up over 100% and 60% respectively, stressing that the growth reflects the “continued strength of the bank’s digital asset ecosystem despite market volatility.”

Lionel Lim, CEO of DBS Digital Exchange, commented:

We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of several scandals that have rocked the industry.

The bank launched DBS Digital Exchange in December 2020 as a member exchange for institutional and accredited investors. In September last year, the bank rolled out self-managed crypto trading via its DBS Digibank app.

DBS Digital Exchange currently offers spot trading of six cryptocurrencies: BTC, ETH, BCH, XRP, DOT and ADA. The customer base doubled in 2022 from the previous year, the bank said, adding that by 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 seek reliable gateways to access the digital asset economy,” Lim said.

Southeast Asia’s largest bank said it did not observe any major cryptocurrency sales 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 the exchange’s customers had a net long position through the second half of 2022.

Lim meant:

We have taken a cautious and measured approach to developing our digital asset ecosystem, 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 crypto trading platform? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.