DBS, the most important bank in Southeast Asia claims that the crypto market has helped it. Its crypto trading volume nearly doubled between April and July. The exchange’s bitcoin volume grew almost four-fold during this time.
DBS Crypto Clients Purchased the Dip
DBS announced Monday that DBS Digital Exchange, which is the biggest bank in Southeast Asia, has been able to benefit from crypto investors seeking safety during market volatility. DBS has 18 market presences, and is listed in Singapore.
“With the digital asset industry experiencing unprecedented volatility … DBS’ digital asset ecosystem has been a beneficiary of this flight to safety,” the bank detailed, elaborating:
Investors who are confident in long-term digital asset prospects gravitate towards trusted, regulated platforms for access to the market.
As investors bought the dip, the total number of trades executed on Ddex in June was more than double that of April, DBS stated, adding that “Buys accounted for over 90% of trades on Ddex in June 2022.”
The biggest bank in Southeast Asia continues to be:
BTC was bought almost four-fold on Ddex June 2022 than April 2022. The same goes for ETH. It was purchased via Ddex June 2022 at 65% more than April 2022.
DBS further revealed that its institution-grade custody solution is being used more by customers for digital asset storage.
Since April 30, bitcoin (BTC), was in the custody of around 30% more people than it was on June 30. During the same period, ether (ETH), however, saw a 3% increase.
Meanwhile, DBS noted that its crypto exchange’s customer base continued to grow throughout the market volatility. The Ddex exchange “registered a 10% growth in its customer base” as of June 30 as compared to April 30. The bank also stated that inquiries from institutional and corporate investors remained strong.
DBS Digital Exchange CEO Lionel Lim commented, “What we are seeing in the digital asset industry is a great reset as the investment narrative shifts decisively away from the chase for yield,” adding:
Instead, today’s investors seek safe havens where they can trade and store digital assets amid market volatility.
DBS also noted that it is “on track to roll out self-directed trading for accredited investors in the coming months.”
It launched its first cryptocurrency exchange in December 2020. The bank launched its trust service to cryptocurrencies in May 2020. This was followed by the launch and first offering of security tokens.
Do you have any thoughts about DBS expanding trading volumes and its customer base during crypto winter? Comment below.
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