DBS Digital Exchange Doubled Customer Base With 80% Surge in Bitcoin Trading
by Fintech News Singapore February 15, 2023The DBS Digital Exchange (DDEx) reported that its Bitcoin (BTC) trading volume had grown by 80% in 2022 despite the ongoing crypto winter.
DDEx had also doubled its customer base in 2022 with close to 1,200 participants registered on the exchange as of 31 December 2022.
The number of BTC custodised with the bank’s digital asset custody solution had doubled while the number of Ether (ETH) traded on DDEx was nearly 65% higher.
The exchange said that it did not note any major selloffs in 2022 and the exchange had a net buy position for its customers throughout the second half of the year.
In September, self-directed cryptocurrency trading was rolled out via DBS digibank and now over 90% of trades by the bank’s wealth clients are executed digitally.
DDEx continues to be a members-only exchange serving corporate and institutional investors, accredited investors and family offices.
DBS holds all custodised digital assets separately within the bank itself using institutional-grade cold wallets. The exchange does not hold any custodised assets.
Given the growing interest in Security Token Offering (STO) from its corporate clients, DDEx said that it will “explore origination opportunities for high quality STO listings in 2023”.
Lionel Lim
Lionel Lim, CEO of the DBS Digital Exchange said,
“Since inception in 2020, 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.
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.”
