The lead bank within the Southeast Asia DBS reported a surge in bitcoin trading volume within its crypto exchange platform. In particular, DBS reported an 80% spike in bitcoin while ether volume increased by 65%.
DBS Recorded Surging Trading Volume Despite the Storm of Scandals
The DBS executive explained that the crypto market shifted to a stable and trustworthy exchange platform. The shift was prompted by multiple scandals that characterized the crypto industry in 2022.
DBS announcement in mid-February admitted executing huge trading volumes where bitcoin dominated ether’s units in 2022. The DBS executive added that the bitcoin and ether held under the entity’s custody accounts soared within the year.
The bank filings indicated that DBS Digital Exchange (DDEX) realized 80% year-on-year growth for bitcoins. Also, ether increased by 65% in 2022 relative to the 2021 trading volume. The DBS executive disclosed that the bitcoin units involved in custody platforms grew by over 100% while ether surged by 60%. The official lauded the achievement he suggested, portraying the DBS digital asset ecosystem as weathered the prevailing market volatility to realize continued growth.
Decisive Shift Towards Trust and Stability Among Traders
DBS Digital Exchange chief executive Lionel Lim indicated the increased focus on trust and stability is a decisive milestone that would nurture a culture that will eliminate rogue traders. Lim lauded the shift as justified by the implosion of various crypto operators, leaving the entire industry battling a contagious meltdown.
Also read:DBS’s reemergence as a critical infrastructure in crypto started in December 2020. The platform involved a members-only channel for a few accredited investors and institutional traders.
The increased trading volume recorded by DBS arises from the bank’s efforts in 2022 to ease crypto activities. For instance, the executive outlined that DBS introduced a self-directed trading offer with its Digibank application.
Pursuit of Reliable Gateways and Expanded Spot Trading
Also, the DBS Digital Exchange has recently expanded its spot trading offering to include six cryptos: ADA, DOT, BTC, ERP, BCH and ETH. Doing so attracted more users leading to a doubled customer base in 2022. By December 2022, the DBS exchange registered participants estimated 1,200.
Lim lauded the DBS Group for supporting the digital exchange pursuit of reliable gateways to tap opportunities emerging in the digital asset economy. The executive ruled out occasions when the Southeast Asia bank witnessed major sell-offs on the exchange platform. The achievement highlights DBS’s reputation as a reliable trading platform at a time when the industry battled with prolonged crypto winter.
DBS weathered the storm by sustaining increased trading volume despite major crypto operators, including FTX exchange seeking bankruptcy protection while others plunged into a liquidity crisis. Few operators survived, though with the regrettable announcement of downsizing their workforces. DBS exchange was an exception, with its customers portraying a net-buy position, since mid-June 2022.
Keeping Pace with Sophisticated Investors
Lim assured the DBS customers of the commitment of the institution to deploy a prudent approach to develop a reputable digital asset ecosystem. The executive restated the choices made by DBS to keep pace with the crypto market development since investors are becoming sophisticated.
Lim’s assurance of the DBS commitment coincides with the previous week’s unveiling of the bank’s expansion of crypto services to Hong Kong’s customers. DBS admitted mulling the pursuit of a digital asset license to operate in the city amid efforts to transform it into a regional crypto hub.
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