DBS Digital Exchange Surpasses SGD 1 Billion in Trading Value in the First Year
by Fintech News Singapore February 15, 2022The DBS Digital Exchange (DDEx) announced that it has recorded over SGD 1.1 billion in trading value in the first full year of operations.
The digital assets exchange said that its momentum picked up significantly after the DDEx went operational 24/7 in August 2021.
The trading values in the fourth quarter came in at close to SGD 800 million which was five times higher than that in the previous quarter.
Additionally, DBS’ digital assets under custody was more than SGD 800 million, which was four times higher than the amount recorded at the end of the third quarter.
DDEx added that in the coming year it will be scaling its business to serve a larger target pool of customers by leveraging DBS’ digital asset ecosystem and deep investor base.
It also aims to list more digital payment tokens and Security Token Offerings (STOs) for trading.
DDEx has a membership-only business model where it provides other brokerages and asset houses with a safe and secure solution to access the cryptocurrency and digital payment tokens market.
The exchange has continued to attract a wide range of DBS’ corporate and institutional customers with its integrated suite of end-to-end solutions across the digital value chain, including payments, settlements, secondary trading, and custody.
It has in the past year onboarded established banking and financial institutions, and even other digital asset exchanges to its platform.
Lionel Lim
Lionel Lim, CEO of DBS Digital Exchange said,
“With more customers searching for a trusted gateway to access the digital asset and cryptocurrency economy, we have seen strong interest in the services offered by DDEx over the past year.
These include our integrated fiat trading capabilities for more seamless buying and selling of cryptocurrencies, as well as the institutional-grade digital custody solutions we offer through DBS.”
