(15 February 2023 – Singapore) The downturn in crypto values and multiple scandals has led to a boom in bitcoin trading at Singapore's DBS Bank, which saw volumes grow by 80 percent on its Digital Exchange (DDEx).
Alongside the growth in trading, the number of bitcoin and ether custodised with DBS was up more than 100 percent and 60 percent respectively
DBS believes the metrics reflect a trend by investors towards trusted and regulated platforms to access the market following the collapse of FTX and associated firms.
DBS holds all custodised digital assets separately within the bank itself using institutional-grade cold wallets. The bank also conducts coin purity checks on all digital assets entering its custody, while complying with all prevailing AML and KYC rules.
Lionel Lim, CEO of the DBS Digital Exchange, says: “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.”
He says that DBS did not observe any major selloffs in 2022, with DDEx recording a net buy position for its customers throughout the second half of the year.