DBS Bank Reports 80% Surge in Bitcoin Trading Volume in 2022
- Bitcoins held in DDEx’s custody doubled as of December 31, 2022.
- DDEx saw a rise in its client base with the general uptick in Bitcoin and Ethereum trading.
Bitcoin trading on DBS Digital Exchange (DDEx), the cryptocurrency exchange arm of Singapore’s DBS Group Holdings, increased exponentially in 2022 despite the winter’s wipeout of billions of dollars in market value.
Bloomberg claims that Bitcoin trading volume on the exchange increased by 80% year over year. Bitcoins held in DDEx’s custody doubled as of December 31, 2022, despite widespread market pessimism.
Growth Despite Bear Dominance
Additionally, the amount of Ethereum (ETH) transactions processed by the firm increased significantly, by almost 65%. The company said in August that, despite the market crash in the preceding quarter, it had nevertheless seen high levels of trading on the exchange.
DDEx saw a rise in its client base with a general uptick in Bitcoin and Ethereum trading activity. In 2022, the DBS crypto subsidiary saw a doubling of its user base, with 1,200 new customers signing up for the service. DDEx is pioneering as one of the first digital asset trading platforms to be overseen by a conventional financial institution.
Digital assets such as Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), and Ripple’s XRP were made available for trading on the exchange in 2020, but only to institutional investors and high-net-worth customers.
DBS had intended to open up the market to individual investors earlier in the year, but reversed course in April owing to regulatory restrictions in Singapore. However, the business has plans to increase its reach across Asia.
Bloomberg reported late last week that DBS intends to apply for a license from Hong Kong’s regulatory authorities so that it may provide its cryptocurrency services to local consumers. When the government completes its new crypto regulatory framework, the bank has promised to act.
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Read more: https://thenewscrypto.com/dbs-bank-reports-80-surge-in-bitcoin-trading-volume-in-2022/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
