DBS, the leading Singaporean bank, has reported a significant surge in trading volumes on its DBS Digital Exchange platform. According to the bank, the trading volume of Bitcoin has increased by 80% in the past year, while Ether has seen a 65% increase in trading volume.
In addition, the bank’s management has reported a substantial rise in the amount of BTC and ETH held in custody, with a 100% and 60% increase respectively compared to the previous year.
Furthermore, the client base of the DBS Digital Exchange platform has doubled in 2022, with around 1200 users registered on the platform as of the end of December.
DBS launched its Digital Exchange platform for institutional clients in the fall of 2020, and in September of last year, the bank began offering cryptocurrency trading through its DBS Digibank app.
The platform has been highly resilient in the face of market volatility and did not witness any major sell-offs last year, despite the crypto winter and the bankruptcy of several major crypto companies, including the FTX exchange.
Lionel Lim, the Executive Director of DBS Digital Exchange, attributes this resilience to the strength of the digital asset ecosystem.
DBS is also making significant strides in the cryptocurrency space, having announced its plans to obtain a license to provide cryptocurrency services in Hong Kong. In addition, the bank is currently testing trading in tokenized government securities as part of the Project Guardian initiative, organized by the Monetary Authority of Singapore (MAS).