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Biggest Southeast Asian Bank DBS Sees Crypto Trading Volumes Rise As Investors Bought Dip – Exchanges Bitcoin News
DBS, the largest bank in Southeast Asia, says it has benefited from the recent sell-off in the crypto market. The trading volume of the crypto exchange almost doubled in July, compared to April. The amount of bitcoin bought on the exchange grew almost fourfold during this time period.
DBS Crypto customers bought the dip
DBS, the largest bank in Southeast Asia by assets, announced on Monday that the DBS Digital Exchange (Ddex) has benefited from crypto investors seeking safety amid market volatility. Headquartered and listed in Singapore, DBS has a presence in 18 markets.
“With the digital asset industry experiencing unprecedented volatility … DBS’s digital asset ecosystem has benefited from this flight to safety,” the bank said in detail, elaborating:
Investors who believe in the long-term prospects of digital assets gravitate towards trusted and regulated platforms to access the digital asset market.
As investors bought the dip, the total number of trades executed on the Ddex in June was more than double that of April, DBS stated, adding that “Buying accounted for over 90% of trades on the Ddex in June 2022.”
The largest bank in Southeast Asia continued:
The amount of BTC bought on Ddex in June 2022 was almost four times that of April 2022. Likewise, the amount of ETH bought on Ddex in June 2022 was 65% higher than in April 2022.
In addition, DBS revealed that customers are storing more digital assets using its institutional-grade custody solution.
The number of bitcoin (BTC) in custody as of June 30 grew by approximately 30% since April 30, while the number of ether (ETH) in custody grew by approximately 3% over the same time period.
Meanwhile, DBS noted that the crypto exchange’s customer base continued to grow throughout the market volatility. The Ddex exchange “recorded a 10% growth in customer base” as at 30 June compared to 30 April. Moreover, requests from corporate and institutional investors also remained strong, the bank said.
DBS Digital Exchange CEO Lionel Lim commented: “What we are seeing in the digital asset industry is a major reset as the investment narrative shifts decisively away from the pursuit of returns,” adding:
Investors today are instead seeking safe havens to trade and store their digital assets amid ongoing market volatility.
DBS also noted that it is “on track to roll out self-directed trading for accredited investors in the coming months.”
The bank launched a cryptocurrency exchange in December 2020. It then launched a trust service for cryptocurrencies last May, followed by the launch of its first security token offering.
What do you think about DBS increasing trading volumes and customer base in the middle of the crypto winter? Let us know in the comments section below.
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