Singapore Sees Soaring Bitcoin and Ethereum Trade on DBS Digital Exchange

On Wednesday (15 February 2023), Singapore-headquartered DBS, which is a leading financial services group in Asia, reported an 80% year-on-year growth in the number of Bitcoin (BTC) traded on its DBS Digital Exchange (DDEx) in 2022.

According to the press release by the company earlier today, In FY2022, the number of Ether (ETH) traded on DDEx was nearly 65% higher. As for the number of BTC and ETH custodied with the bank’s institutional-grade digital custody solution, they went up by over 100% and 60%, respectively.

DDEx, which is “a members-only exchange serving corporate and institutional investors, accredited investors, and family offices,” doubled its customer base in 2022.

Lionel Lim, the CEO of the DBS Digital Exchange, said, “Since inception in 2020, we have taken a prudent and measured approach towards developing our digital asset ecosystem, choosing to keep pace with the market as it matures and as investors become more sophisticated. We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry. As a regulated digital exchange backed by the DBS Group, we offer many unique advantages that investors have come to appreciate as they seek reliable gateways to access the digital asset economy.”

Lim also commented on opportunities in the Security Token Offering (STO) space, saying, “In 2022, we saw growing interest from our corporate clients and were actively working towards converting a number of enquiries into STOs. However, these were put on hold given the market volatility as well as macroeconomic uncertainty. We will continue to work with these potential issuers as well as explore origination opportunities for high quality STO listings in 2023.”

Image Credit

Featured Image via Pixabay

Source: Read Full Article