Home Markets DBS, Southeast Asia’s Largest Bank, Sees Crypto Trading Volumes Soar As Investors Buy The Dip CryptoBlog

DBS, Southeast Asia’s Largest Bank, Sees Crypto Trading Volumes Soar As Investors Buy The Dip CryptoBlog

DBS, Southeast Asia’s Largest Bank, Sees Crypto Trading Volumes Soar As Investors Buy The Dip CryptoBlog

DBS, the largest bank in Southeast Asia, claims to have benefited from the recent selloff in the crypto market. The trading volume of its crypto exchange nearly doubled in July compared to April. The amount of bitcoin purchased on his exchange almost quadrupled during this period.

DBS Crypto Clients Bought the Dip

DBS, Southeast Asia’s largest bank by assets, announced on Monday that DBS Digital Exchange (Ddex) benefited as crypto investors sought safety amid market volatility. DBS, headquartered in Singapore, is present in 18 markets.

“With the digital asset industry experiencing unprecedented volatility…DBS’ digital asset ecosystem has benefited from this flight to security,” the bank detailed, adding:

Investors who believe in the long-term prospects of digital assets are turning to trusted and regulated platforms to access the digital asset market.

As investors bought the dip, the total number of trades executed on Ddex in June was more than double that of April, DBS said, adding that “buys accounted for over 90% of trades on Ddex in June 2022 “.

Southeast Asia’s largest bank continued:

The quantity of BTC purchased on Ddex in June 2022 was nearly four times that of April 2022. Similarly, the amount of ETH bought on Ddex in June 2022 was 65% higher than in April 2022.

Additionally, DBS revealed that customers are storing more digital assets using its institutional-grade custody solution.

The number of bitcoins (BTC) in custody as of June 30 has increased by around 30% since April 30 while the number of ether (ETH) in police custody increased by approximately 3% over the same period.

Meanwhile, DBS noted that its crypto exchange’s customer base continued to grow throughout the market’s volatility. The Ddex exchange “recorded a 10% growth in its customer base” as of June 30 compared to April 30. Additionally, demands from corporate and institutional investors also remained strong, the bank said.

DBS Digital Exchange CEO Lionel Lim commented: “What we are seeing in the digital asset industry is a big reset as the investment narrative shifts decisively away from the hunt for yield” , adding:

Instead, investors today are looking for safe harbors to trade and store their digital assets amid the current market volatility.

DBS also noted that it is “on track to roll out self-directed trading for accredited investors in the coming months.”

The bank launched a cryptocurrency exchange in December 2020. It then launched a cryptocurrency trust service in May last year, followed by the launch of its first security token offering.

Keywords in this story

cryptocurrency transaction volumes, DBS, bitcoin dbs, DBS BTC, dbs encryption, DBS Crypto Exchange, dbs cryptocurrency, dbs eth, DBS ether, ddex., Singapore, South East Asia

What do you think of DBS’s growth in trading volumes and customer base amid the crypto winter? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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