The largest SouthEast Asian bank, DBS, sees crypto trading volume soar as its DBS Digital Exchange (Ddex) recorded more patronage. The trading volume appreciation is attributed to crypto investors who sought a solution to market volatility.
Headquartered in Singapore, DBS is operational in 18 markets. According to the bank, “with the digital asset industry experiencing unprecedented volatility … DBS’ digital asset ecosystem has been a beneficiary of this flight to safety.”
The bank added further that “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market. This resulted in more total number of trades executed on Ddex compared to previous months as more crypto investors bought the dip.
It stated, “Buyers accounted for over 90% of trades on Ddex in June 2022. The quantity of BTC bought on Ddex in June 2022 was nearly four times that of April 2022. Similarly, the quantity of ETH bought on Ddex in June 2022 was 65% higher than that of April 2022.”
DBS revealed further that more customers are using the bank’s institutional-grade custody solution to store more digital assets. According to Cointelegraph report, the bank recorded a 30% increase in the number of Bitcoin (BTC) in its possession since April 30. Within the same timeframe, ether (ETH0’s volume increased by 3%.
The bank noted further that its customer base grew significantly throughout the market volatility. Ddex exchange’s customer base grew by 10% over a 2-month period between April 30 and June 30.
While commenting on the new development, Lionel Lim, DBS Digital Exchange noted that “what we are seeing in the digital asset industry is a great reset as the investment narrative shifts decisively away from the chase for yield.”
He added: “Investors today are instead seeking out safe harbours to trade and store their digital assets amid the ongoing market volatility.” In December 2020. DBS launched a cryptocurrency exchange and five months later, it launched a trust service exclusively for cryptocurrencies. The Southeast Asian bank later included a security token offering in its list of achievements since 2020.