DBS Group
Holdings, an investment holding company from Singapore, announced on Wednesday
that its DBS Digital Exchange (DDEx) crypto exchange Bitcoin (BTC) trading
volumes rose 80% year-over-year (YoY). Additionally, the number of tokens held
in custody increased twofold.
The press
release also stated that Ethereum (ETH) trading volumes rose, achieving a 65%
YoY growth. The exchange did not provide exact dollar figures for volume, 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.
“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.
Lim was
referring to the collapse of the Terra ecosystem in May and the collapse of the cryptocurrency exchange FTX in November. The platform he represents benefited
from the fact that digital assets investors were looking for a safe platform where
could continue to trade in the face of heightened volatility.
Two Years of DDEx Growth
DBS, the
biggest lender in Southeast Asia, decided to set up its digital assets trading
platform relatively early compared to other traditional finance giants. DDEx
started its operation in late 2020, aiming…
