DBS Sees 80% Increase in Bitcoin Trading Despite Bear Market: Report

DBS Sees 80% Increase in Bitcoin Trading Despite Bear Market: Report

DBS Digital Exchange (DDEx), the crypto trading subsidiary of Singaporean banking giant DBS Group Holdings, saw exponential growth in Bitcoin trading last year despite the winter that wiped billions of dollars from the market.

According to thereportAccording to Bloomberg, the exchange saw an 80% increase in Bitcoin trading volume compared to the previous year. Despite negative market sentiment, the number of BTC in DDEx’s custody has doubled as of December 31, 2022.

DBS is seeing massive growth in its crypto business

Additionally, the company recorded impressive growth in its Ethereum (ETH) transaction volume at around 65%.

In August the companydisclosedit had recorded significant transaction volumes on the stock exchange following the market collapse in the previous quarter.

Aside from the increase in Bitcoin and Ethereum transaction volume, DDEx has seen an increase in its customer base. The DBS crypto subsidiary doubled its user base in 2022 with 1,200 new customers registered on the platform.

"The market has significantly shifted its focus to trust and stability, especially after several scandals that rocked the industry. As a regulated digital exchange backed by DBS Group, we offer many unique advantages that investors have come to appreciate as they look for reliable gateways to access the digital asset economy," Lionel Lim, CEO of DBS Digital Exchange, said in a statement.

DDEx expansion plans

DDEx is one of the industry's first digital asset trading platforms managed by a traditional banking system.

The exchange was launched in 2020 exclusively for institutional investors and wealthy clients to trade digital assets such as Bitcoin (BTC), Ethereum (Ether), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), and others Rippleist XRP.

DBS planned to open the exchange to retail investors last year, but laterBacktrackin April due to regulatory requirements in Singapore. Nevertheless, the company intends to expand its services to other Asian countries.

Last week, Bloombergreportedthat DBS plans to seek approval from Hong Kong regulators to offer its crypto services to customers in the region. The bank said it would take a step when the country finalizes its new crypto regulatory framework.

DBS also pushed to launch Security Token Offerings (STO) for its customers, but the plan was halted due to “market volatility and macroeconomic uncertainty.” However, Lim said the company would explore options for listing "high-quality" STOs this year.

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