Bitcoin Trading Volume Increases To 80% For DBS Bank

February 16, 2023

minute read

As a result of the winter, the bitcoin market value was lost by billions of dollars in 2022, however DBS Digital Exchange (DDEx), the cryptocurrency exchange arm of Singapore's DBS Group Holdings, saw exponential growth in its trading volume in 2022.

‍

In the past year, according to Trade Algo, Bitcoin trading volume has increased by 80% on the exchange on which it is traded. In spite of widespread market pessimism, the amount of Bitcoin held by DDEx on December 31, 2022 had doubled, despite significant market volatility.

‍

Growth Despite Bear Dominance

‍

Additionally, there has been a significant increase in the number of Ethereum (ETH) transactions that the firm processes, increasing by almost 65% since the day it started. Despite the market crash in the preceding quarter, the company said in August that it had nonetheless experienced high levels of trading on the exchange despite the market crash in the preceding quarter.

‍

A general increase in Bitcoin and Ethereum trading activity drove an increase in DDEx's client base. With 1,200 new clients signing up for DBS crypto services in 2022, DBS crypto subsidiary's user base doubled. As the first conventional financial institution to oversee a digital asset trading platform, DDEx is pioneering in the field.

‍

Trading on the exchange began in 2020, but only for institutional investors and high-net-worth clients. Assets such as Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) and Cardano (ADA) are among those available to purchase.

‍

Individual investors had been expected to enter the Singapore market by the end of last year, but DBS retracted its plans due to regulations in Singapore. It does, however, plan to expand its presence throughout Asia.

‍

DBS intends to apply for a license to provide cryptocurrency services to Hong Kong consumers, Trade Algo reported late last week. A new crypto regulatory framework has been drafted by the government, and the bank has promised to act as soon as it is completed.

‍