Digital Assets: Amidst Crypto Winter, Singapore’s DBS Bank Enjoyed Robust Growth At Its DDEx Digital Exchange
Security and trust played a big role in the success of DDEx.
Singapore-based DBS Bank has revealed impressive growth at its DBS Digital Exchange (DDEx) during 2022. It reported an 80% increase in the number of Bitcoin (BTC) traded on DDEx in 2022 compared to the previous year, and a doubling in the number of BTC custodized with the bank. The number of Ether (ETH) traded on DDEx was also up by around 65%.
The bank’s institutional-grade digital asset custody solution saw the number of BTC custodized more than double in 2022, while the number of ETH custodized grew by over 60%. DDEx saw its customer base double in the same period, reaching close to 1,200 participants registered on the exchange as of 31 December 2022.
DDEx is a members-only exchange serving corporate and institutional investors, accredited investors, and family offices. DBS did not experience any major selloffs in 2022, and DDEx customers maintained a net buy position throughout the second half of the year. (DBS)
DDEx valued for its security
DBS Bank attributes the robust business metrics to investors’ trust in its regulated platform in the face of unprecedented volatility in digital asset markets. The bank believes that the market has shifted its focus towards trust and stability, and investors are seeking reliable gateways to access the digital asset economy.
DDEx offers unique advantages to investors as a regulated digital exchange backed by the DBS Group (SGX: D05).
It also adopts the industry best practice of holding all custodized digital assets separately within the bank itself using institutional-grade cold wallets, conducts coin purity checks on all digital assets entering its custody, and fully complies with all prevailing anti-money laundering/know your customer standards.
Despite the market uncertainty, DBS achieved a number of significant milestones for its digital asset ecosystem in 2022, including self-directed cryptocurrency trading rolled out via DBS digibank and cryptocurrency trading for Polkadot (DOT) and Cardano (ADA) on DDEx.
Earlier this month, DBS said it intended to expand its crypto services in Hong Kong by applying for a license to sell digital assets to its Hong Kong customers.
Related Story: Hong Kong The New Mecca For Crypto Providers?
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