Feb 15, 2023 05:05
<p>DBS Group
Holdings, an investment holding company from Singapore, announced on Wednesday
that its DBS Digital Exchange (DDEx) crypto exchange <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93" target="_blank">Bitcoin</a> (BTC) trading
volumes rose 80% year-over-year (YoY). Additionally, the number of tokens held
in custody increased twofold.</p><p>DBS Crypto Exchange
Reports Trading Surge</p><p>Additionally, the press
release stated that Ethereum (ETH) trading volumes rose, achieving a 65%
YoY growth. The exchange did not provide exact dollar figures for the volumes, but they
are similar to figures from a year ago due to substantial price declines for
major digital assets in 2022. Over the course of 2022, bitcoin lost almost 70%,
starting the year at $46,000 and ending below $17,000.</p><p>"The
market has decisively shifted its focus towards trust and stability, especially
in the wake of multiple scandals that have rocked the industry," Lionel
Lim, the CEO of the DBS Digital Exchange, commented.</p><p>Lim was
referring to the collapse of the <a href="https://www.financemagnates.com/cryptocurrency/was-terra-luna-death-spiral-a-result-of-an-inside-job/" target="_blank" rel="follow">Terra ecosystem in May</a> and the collapse of the <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/" target="_blank" rel="follow">cryptocurrency exchange FTX in November</a>. The platform he represents benefited
from the fact that digital assets investors were looking for a safe platform where they could continue to trade in the face of heightened volatility.</p><p>Two Years of DDEx Growth</p><p>DBS, the
biggest lender in Southeast Asia, decided to set up its digital assets trading
platform relatively early compared to other traditional finance giants. <a href="https://www.financemagnates.com/cryptocurrency/news/dbs-bank-to-launch-cryptocurrency-exchange-next-week/" target="_blank" rel="follow">DDEx
started its operation in late 2020</a>, aiming at institutional and 'elite' retail
investors. It was one of the first cryptocurrency exchanges in the world to be 100%
created and managed by a traditional bank.</p><p>Betting on the
continued growth of its crypto exchange, DBS said this week that it plans to
apply for a license to allow it to offer cryptocurrencies to Hong Kong
customers. </p><p>"We
are planning to apply for a licence in Hong Kong so that the bank could sell
digital assets to our Hong Kong customers," Sebastian Paredes, the CEO of Hong Kong's DBS Bank, commented on Monday's press briefing.</p><p>The move
comes as Hong Kong takes steps to attract more cryptocurrency firms in a bid to
become a regional crypto hub. As local regulations become transparent, DBS
wants to become one of the banks interested in jointly building a new foothold
in the digital asset industry. </p><p>The
institution has been working on developing <a href="https://www.financemagnates.com/terms/s/security-token/" class="terms__secondary-term" id="8e3f78b3-0969-4190-a2da-0d4734ec2ab3" target="_blank">security-token</a> offerings (STOs), but it has decided to postpone them for the time being due to the current
macroeconomic uncertainties and crisis in the industry. However, it intends to
resume work on STO listings later this year.</p><p>Watch the recent FMLS22 panel titled "To Crypto or Not to Crypto: Will Crypto Fizzle Out of Here to Stay?"</p><p>DBS Bets on Crypto and
Blockchain Industry</p><p>Before
launching its own cryptocurrency exchange, DBS had already been involved in
digital asset projects and blockchain technology. In May 2020, it became the
first bank from Singapore <a href="https://www.financemagnates.com/fintech/news/dbs-bank-joins-blockchain-network-contour-to-digitize-trade-settlement/" target="_blank" rel="follow">to join the Contour trade-finance blockchain network</a>,
which is built on R3's Corda.</p><p>A year
later, <a href="https://www.financemagnates.com/cryptocurrency/news/jpmorgan-partners-with-dbs-bank-to-launch-blockchain-payments-platform/" target="_blank" rel="follow">the bank partnered with JPMorgan and Temasek</a> to launch a blockchain-based
cross-border payments platform. In the same year, it began issuing blockchain
bonds called <a href="https://www.financemagnates.com/cryptocurrency/news/asias-banking-giant-dbs-launches-blockchain-bonds/" target="_blank" rel="follow">DBS Digital Bonds</a>.</p><p>In early
2022, DBS announced its plans to <a href="https://www.financemagnates.com/cryptocurrency/news/dbs-plans-to-launch-retail-crypto-trading-services-in-2022-end/" target="_blank" rel="follow">extend its existing exchange offering to
retail investors</a>. 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.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
World Crypto Global
