The largest bank in Southeast Asia, DBS, claims that the recent sell-off in the cryptocurrency market has been advantageous for business. When compared to April, the trading volume on its cryptocurrency exchange nearly doubled in July. During that time, the amount of bitcoin purchased on its exchange increased by almost four times.
DBS has operations in 18 markets and is headquartered and listed in Singapore.
In addition, it claimed that the digital asset market was witnessing previously unheard-of volatility, with the digital asset ecosystem profiting as a result. According to the bank, investors who are interested in the long-term potential of digital assets are drawn to reputable, regulated platforms for market access.
According to DBS, over twice as many trades were executed on the Ddex in June as in April as investors bought the dip. Over 90% of trades on the Ddex in June 2022 were “Buys” the company added. In comparison to April 2022, the amount of BTC purchased on Ddex in June 2022 was almost four times higher. Similar to this, the amount of Ethereum purchased on Ddex in June 2022 was 65% greater than it was in April 2022, according to the bank. DBS also disclosed that customers are using its institutional-grade custody service to store more digital assets.
Since April 30, the amount of bitcoin (BTC) held in custody as of June 30 has increased by over 30%, while the amount of ether (ETH) held in custody has increased by around 3% over the same period.
In the meantime, DBS highlighted that despite the market fluctuation, the customer base for its cryptocurrency exchange grew. As of June 30 compared to April 30, the Ddex exchange “registered a 10% gain in its customer base.” The bank added that inquiries from corporate and institutional investors also continued to be robust.
In December 2020, the bank unveiled its cryptocurrency exchange. In May of last year, it then introduced a cryptocurrency trust service, which was followed by the introduction of its first security token offering.