DBS Digital Exchange Reports Successful YoY Growth Despite Market Volatility

This is in consideration of the bank doubling DDEx’s customer base during 2022, which now includes nearly 1,200 registered exchange participants. As of December 31, last year.

weather the storm

Cryptocurrency volatility was the worst kept secret last year, with users around the world feeling their capital was at risk in 2022.highlighted by the startling collapse of FTX.

If anything, though, these figures for DBS are largely due to market volatility impacting investor confidence in Singapore, who are increasingly attracted to the regulated and secure trading environment DBS offers. seems to indicate that it is not

In late September, the bank began an experiment to expand access to DDEx using self-directed cryptocurrency trading capabilities. 6 spot trades In addition to BTC, ETH, Bitcoin Cash (BCH) and XRP.

Then, by November last year, the bank successfully tested trading tokenized government bonds and other digital assets on the blockchain.

These actions demonstrate the credibility of DDEx while also demonstrating the bank’s active participation in best market practices. In this way, the exchange itself does not keep assets in custody, but instead places all digital assets separately within institutional-level cold wallets.

In addition to this, the bank also conducts coin purity checks on all digital assets entering its custody and remains compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.

DDEx development

Since our founding in 2020, we have taken a cautious and cautious approach to developing the digital asset ecosystem, choosing to keep pace with the market as it matures and investors become more sophisticated. I did.” Lionel rimCEO of DDEx.

Lim shares his belief that the market has “shifted its focus to trust and stability, especially in the wake of the multiple scandals that have rocked the industry.”

As a regulated digital exchange backed by DBS Group, we have many unique advantages that investors have come to appreciate as they seek a trusted gateway to access the digital asset economy. will provide.”

DDEx continues to be a members-only exchange, serving corporate and institutional investors, accredited investors and family offices who generally better manage market risk.

As a result, DBS did not observe a major sell-off in 2022. DDEx has observed client net long positions throughout the second half of the year.

Commenting on the opportunities in the Security Token Offering (STO) space, Lim noted that in 2022 banks were increasing interest from corporate customers and were actively working to convert many inquiries into STOs. clarified.