Despite Market Volatility, Singapore’s DBS Bank Records Rising BTC Transactions
The recent market volatility has not stopped Bitcoin trading from surging at Singapore’s DBS Bank. Despite the multitude of scandals and the sharp decline in prices, the Digital Exchange (DDEx) of the banking giant reported an 80% increase in trading volumes.
This result shows that investors are still bullish on the future of cryptocurrencies despite the current turbulence. According to a recent report, despite the recent decline in cryptocurrency value and industry scandals, Singapore’s DBS Bank has experienced a surge in Bitcoin (BTC) trading volumes on its Digital Exchange (DDEx).
The bank saw an 80% increase in trade volume. Consequently, it also saw a rise in Ethereum (ETH) and Bitcoin (BTC) held in its custody by over 60% and 100%, respectively.
Furthermore, DBS believes investors gravitate towards established and regulated platforms to enter the market after FTX and its affiliated entities collapse. To this end, DBS securely stores all digital assets in custody in a separate location inside the bank, employing institutional-grade cold wallet storage methods.
The bank conducts coin purity checks to ensure compliance with all relevant Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations for any digital assets that come into its custody. Lionel Lim, the CEO of the DBS Digital Exchange, pointed out that the market has started to pay more attention to trust and stability due to a series of scandals that have impacted the digital asset industry.
He emphasized that investors highly appreciate DBS’s unique benefits in securing gateways to enter the digital asset economy. Being a controlled digital exchange supported by the DBS, the platform delivers the reliability and stability that investors seek.
DBS’s Foray Into Crypto Trading Proves Successful
Last September, DBS’ Digibank launched self-custody digital asset trading. Since then, the bank’s wealthy customers have completed over 90% of their transactions digitally.
DDEx will continue to be a members-only exchange that provides services to various categories of investors (institutional investors, family offices, and accredited investors). The exchange aims to offer exclusive services to a limited number of investors and ensure they have access to cutting-edge cryptocurrency trading services that meet their specific investment needs.
Lim noted a surge of interest from corporate clients in 2022. The company is actively working on converting several inquiries into STOs.
Meanwhile, DDEx announced plans to explore potential opportunities for high-quality listings in 2023, driven by its corporate clients’ growing interest in Security Token Offering (STO). The increasing demand for crypto trading on the DDEx is a positive sign for the industry.
It shows that despite the recent market volatility and scandals, cryptocurrency still has massive potential.
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