DBS GroupHoldings, an investment holding company from Singapore, announced on Wednesdaythat its DBS Digital Exchange (DDEx) crypto exchange Bitcoin (BTC) tradingvolumes rose 80% year-over-year (YoY). Additionally, the number of tokens heldin custody increased twofold.
Additionally, the pressrelease stated that Ethereum (ETH) trading volumes rose, achieving a 65%YoY growth. The exchange did not provide exact dollar figures for the volumes, but theyare similar to figures from a year ago due to substantial price declines formajor digital assets in 2022. Over the course of 2022, bitcoin lost almost 70%,starting the year at $46,000 and ending below $17,000.
"Themarket has decisively shifted its focus towards trust and stability, especiallyin the wake of multiple scandals that have rocked the industry," LionelLim, the CEO of the DBS Digital Exchange, commented.
Lim wasreferring to the collapse of the Terra ecosystem in May and the collapse of the cryptocurrency exchange FTX in November. The platform he represents benefitedfrom the fact that digital assets investors were looking for a safe platform where they could continue to trade in the face of heightened volatility.
Two Years of DDEx Growth
DBS, thebiggest lender in Southeast Asia, decided to set up its digital assets tradingplatform relatively early compared to other traditional finance giants. DDExstarted its operation in late 2020, aiming at institutional and 'elite' retailinvestors. It was one of the first cryptocurrency exchanges in the world to be 100%created and managed by a traditional bank.
Betting on thecontinued growth of its crypto exchange, DBS said this week that it plans toapply for a license to allow it to offer cryptocurrencies to Hong Kongcustomers.
"Weare planning to apply for a licence in Hong Kong so that the bank could selldigital assets to our Hong Kong customers," Sebastian Paredes, the CEO of Hong Kong's DBS Bank, commented on Monday's press briefing.
The movecomes as Hong Kong takes steps to attract more cryptocurrency firms in a bid tobecome a regional crypto hub. As local regulations become transparent, DBSwants to become one of the banks interested in jointly building a new footholdin the digital asset industry.
Theinstitution has been working on developing security-token offerings (STOs), but it has decided to postpone them for the time being due to the currentmacroeconomic uncertainties and crisis in the industry. However, it intends toresume work on STO listings later this year.
Watch the recent FMLS22 panel titled "To Crypto or Not to Crypto: Will Crypto Fizzle Out of Here to Stay?"
DBS Bets on Crypto andBlockchain Industry
Beforelaunching its own cryptocurrency exchange, DBS had already been involved indigital asset projects and blockchain technology. In May 2020, it became thefirst bank from Singapore to join the Contour trade-finance blockchain network,which is built on R3's Corda.
A yearlater, the bank partnered with JPMorgan and Temasek to launch a blockchain-basedcross-border payments platform. In the same year, it began issuing blockchainbonds called DBS Digital Bonds.
In early2022, DBS announced its plans to extend its existing exchange offering toretail investors. The move was supposed to take place by the end of last year but has been put on hold due to the previously mentioned turmoil.
DBS GroupHoldings, an investment holding company from Singapore, announced on Wednesdaythat its DBS Digital Exchange (DDEx) crypto exchange Bitcoin (BTC) tradingvolumes rose 80% year-over-year (YoY). Additionally, the number of tokens heldin custody increased twofold.
Additionally, the pressrelease stated that Ethereum (ETH) trading volumes rose, achieving a 65%YoY growth. The exchange did not provide exact dollar figures for the volumes, but theyare similar to figures from a year ago due to substantial price declines formajor digital assets in 2022. Over the course of 2022, bitcoin lost almost 70%,starting the year at $46,000 and ending below $17,000.
"Themarket has decisively shifted its focus towards trust and stability, especiallyin the wake of multiple scandals that have rocked the industry," LionelLim, the CEO of the DBS Digital Exchange, commented.
Lim wasreferring to the collapse of the Terra ecosystem in May and the collapse of the cryptocurrency exchange FTX in November. The platform he represents benefitedfrom the fact that digital assets investors were looking for a safe platform where they could continue to trade in the face of heightened volatility.
Two Years of DDEx Growth
DBS, thebiggest lender in Southeast Asia, decided to set up its digital assets tradingplatform relatively early compared to other traditional finance giants. DDExstarted its operation in late 2020, aiming at institutional and 'elite' retailinvestors. It was one of the first cryptocurrency exchanges in the world to be 100%created and managed by a traditional bank.
Betting on thecontinued growth of its crypto exchange, DBS said this week that it plans toapply for a license to allow it to offer cryptocurrencies to Hong Kongcustomers.
"Weare planning to apply for a licence in Hong Kong so that the bank could selldigital assets to our Hong Kong customers," Sebastian Paredes, the CEO of Hong Kong's DBS Bank, commented on Monday's press briefing.
The movecomes as Hong Kong takes steps to attract more cryptocurrency firms in a bid tobecome a regional crypto hub. As local regulations become transparent, DBSwants to become one of the banks interested in jointly building a new footholdin the digital asset industry.
Theinstitution has been working on developing security-token offerings (STOs), but it has decided to postpone them for the time being due to the currentmacroeconomic uncertainties and crisis in the industry. However, it intends toresume work on STO listings later this year.
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Watch the recent FMLS22 panel titled "To Crypto or Not to Crypto: Will Crypto Fizzle Out of Here to Stay?"
DBS Bets on Crypto andBlockchain Industry
Beforelaunching its own cryptocurrency exchange, DBS had already been involved indigital asset projects and blockchain technology. In May 2020, it became thefirst bank from Singapore to join the Contour trade-finance blockchain network,which is built on R3's Corda.
A yearlater, the bank partnered with JPMorgan and Temasek to launch a blockchain-basedcross-border payments platform. In the same year, it began issuing blockchainbonds called DBS Digital Bonds.
In early2022, DBS announced its plans to extend its existing exchange offering toretail investors. The move was supposed to take place by the end of last year but has been put on hold due to the previously mentioned turmoil.
