• DBS Group Holdings saw a surge in Bitcoin trading volume on its DBS Digital Exchange (DDEx) in 2022.
• The amount of Ethereum (ETH) transactions processed by the firm increased significantly, with almost 65% growth.
• DDEx is trying to open up digital asset trading platforms to be overseen by a conventional financial institution.
DBS Bank Reports 80% Surge in Bitcoin Trading Volume
The Singapore-based DBS Group Holdings has reported an 80% increase in cryptocurrency trading volume on its DBS Digital Exchange (DDEx) for the year 2022. Despite the winter’s market downturn, there was still a significant uptick in Bitcoin and Ethereum trading activity which resulted in a doubling of DDEx’s user base with 1,200 new customers signing up for the service.
Amount of Ethereum (ETH) Transactions Processed
In addition to the increase in Bitcoin volume, DDEx also saw a substantial growth of almost 65% in Ethereum (ETH) transactions processed as well. This move allowed traditional financial institutions to access digital asset trading platforms which they previously had limited access to.
Opening Up Market Access
DBS had initially intended to open up their crypto services to individual investors earlier this year but due to certain regulatory restrictions within Singapore, it was reversed. However, the business is now planning on increasing its presence across Asia by applying for a license from Hong Kong’s regulatory authorities so that it may provide its cryptocurrency services more widely across Asia.
New Regulatory Framework for Crypto Services
Once the government completes its new crypto regulatory framework, DBS has promised to act accordingly and follow through with providing their services throughout Hong Kong as well as other parts of Asia where applicable. This will help them further expand their reach while at the same time adhering to all applicable laws and regulations set out by local governments and centralized financial institutions both locally and globally.
Overall, despite bearish market conditions during much of last year’s winter season, DBS Group Holdings was able to experience significant success when it came to cryptocurrency trading activities taking place on their DDEx exchange platform. By continuing their efforts towards applying for licenses across various markets while following all relevant laws and regulations concerning cryptocurrencies nationwide or regionally, they should be able expand even further over time without running into any major issues along the way.