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DBS, Southeast Asia’s largest bank, says it has benefited from the recent plunge in the cryptocurrency market. Trading volume on the cryptocurrency exchange nearly doubled he in July compared to April. The amount of bitcoins purchased on that exchange increased nearly fourfold during that period.
DBS, Southeast Asia’s largest bank by assets, announced Monday that its DBS Digital Exchange (Ddex) has benefited as crypto investors sought safety amid market volatility. Headquartered in Singapore, DBS operates in 18 markets.
The DBS digital asset ecosystem has benefited from this safe haven as the digital asset industry has experienced unprecedented volatility, the bank elaborated, detailing: doing.
Investors who believe in the long-term prospects of digital assets gravitate to trusted and regulated platforms to access the digital asset market.
As investors bought dips, the total number of trades executed on Ddex in June more than doubled from April, DBS said, adding that more than 90% of trades on Ddex in June 2022 were bought. occupied,” he added.
Southeast Asia’s largest bank continued:
amount of Bitcoin The amount purchased on Ddex in June 2022 was about four times higher than in April 2022. ethereum Prices purchased on Ddex in June 2022 are 65% higher than in April 2022.
In addition, DBS revealed that customers are storing more digital assets with custody solutions for institutions.
Number of Bitcoins (Bitcoin) Ether in storage as of June 30 (ethereum) increased by about 3% over the same period.
Meanwhile, DBS noted that the customer base of cryptocurrency exchanges continues to grow through market volatility. The Ddex exchange said he recorded a 10% growth in its customer base as of June 30 compared to April 30.
Lionel Lim, CEO of DBS Digital Exchange, commented:
Investors today are instead looking for safe harbors to trade and store digital assets amid ongoing market volatility.
DBS also said it “plans to launch voluntary 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 of last year, followed by its first security token offering.
What are your thoughts on DBS’s growing trading volume and customer base in the crypto winter? Let us know in the comments section below.
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