Fun

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

News Feed - 2023-02-20 12:02:36

Southeast Asia"s Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange


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


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


According to the bank, the number of bitcoin traded on DBS Digital Exchange (DDEX) was close to 80% higher year-on-year while the number of ether traded on the platform was nearly 65% higher. The bank further revealed that the “number of bitcoin and ether custodised with DBS [is] up more than 100% and 60% respectively,” emphasizing that the growth reflects the “continued strength of bank’s digital asset ecosystem despite market volatility.”


Lionel Lim, chief executive of DBS Digital Exchange, commented: We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry.


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


DBS Digital Exchange currently offers spot trading of six cryptocurrencies: BTC, ETH, BCH, XRP, DOT, and ADA. Its customer base doubled in 2022 from the previous year, the bank said, adding that at the end of December, the DBS exchange had close to 1,200 registered participants.


“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,” Lim detailed.


The largest bank in Southeast Asia said it did not observe any major sell-offs in cryptocurrencies 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 its exchange’s customers had a net-buy position throughout the second half of 2022.


Lim opined: We have taken a prudent and measured approach towards developing our digital asset ecosystem, choosing to keep pace with the market as it matures and as 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. Tags in this story DBS, DBS bank, DBS bitcoin trading volume, DBS BTC trading volume, DBS crypto custody, DBS cryptocurrency trading volumes, DBS ETH trading volume, DBS ether trading volume, dbs ethereum, DBS hong Kong, dbs singapore


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 between economics and cryptography. Norwegian Authorities Seize Crypto Worth $6M From Axie Infinity Heist With FBI"s Help FEATURED | 2 days ago Binance and Huobi Freeze $1.4 Million in Crypto Linked to North Korea FEATURED | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance US Refutes Reports Comparing It to Fraudulent Crypto Exchanges Next articleBank of Russia to Start Testing Digital Ruble With Real Users on April 1 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

BTC price risks ‘double top’ — 5 things to know in Bitcoin this week
William Suberg14 hours agoBTC price risks ‘double top’ — 5 things to know in Bitcoin this weekBTC price disappoints with the weekly close, leading to accusations of a “dead cat bounce” from Bitcoin traders wary
XRP Price Prediction: Analyst Reveals ‘Worst Case Scenario’ With Head And Shoulders Formation
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Yashu Gola17 hours ago3 reasons why Ethereum price can’t break $2KA bearish Ethereum fractal meets lower network activity as Ether’s price struggles to break above $2,000.4362 Total views22 Total sharesListen to arti
Savannah Fortis9 hours agoThe UN holds a robot press conference about the state of AIThe AI for Good global summit hosted by the U.N. tech agency invited a panel of robots and their creators to a press conference to answ
Bitcoin’s Next Big Move? Open Interest Says ‘Get Ready’
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
CryptoQuant CEO calls for ‘smart regulation,' community voices doubts
Josh O"Sullivan11 hours agoCryptoQuant CEO calls for ‘smart regulation," community voices doubtsJu’s push for “smart regulation” in Web3 aims to curb scams, build trust, and ensure responsible growth, sparking co
Developer says he hacked Atari’s ‘on-chain game’ to prove a point
Tom Mitchelhill3 hours agoDeveloper says he hacked Atari’s ‘on-chain game’ to prove a pointKautuk Kundan says he sabotaged the leaderboard of Atari’s Base-developed “on-chain” Asteroids game to prove that cry
Martial Arts Icon and Philosopher Bruce Lee Commemorated in NFT Collection Endorsed by Family Company
Martial Arts Icon and Philosopher Bruce Lee Commemorated in NFT Collection Endorsed by Family Company While many celebrities have launched non-fungible token (NFT) collections, a n
Biggest Movers: LEO Hits 6-Week High, as NEAR Jumps Higher for Third Straight Session
Biggest Movers: LEO Hits 6-Week High, as NEAR Jumps Higher for Third Straight Session LEO rose to a six-week high on Wednesday, as prices rallied for a fifth consecutive session. T
Turner Wright4 hours agoBinance refers users to Coinmerce as exchange exits the NetherlandsA reported hundreds of thousands of users based in the Netherlands will have the opportunity to move their assets to Coinmerce fo
Billionaire David Rubenstein on Why He Changed His Mind About Crypto — Says ‘I Was Skeptical in the Beginning’
Billionaire David Rubenstein on Why He Changed His Mind About Crypto — Says "I Was Skeptical in the Beginning" David Rubenstein, the founder of Carlyle Group, one of the largest
Blockchain developer warns of centralization risks as crypto AI race intensifies
Zhiyuan Sun6 hours agoBlockchain developer warns of centralization risks as crypto AI race intensifiesThe Kip Web3 AI base layer previously closed an undisclosed funding round from Animoca Brands in April.721 Total views