Bitcoin Purchases Jump 400% in DBS Digital Exchange in June vs. April
The DBS Digital Exchange (Ddex), the biggest bank in Southeast Asia based on assets, recorded gains on Monday as investors in cryptocurrencies sought shelter from market volatility. DBS operates in 18 markets and is listed and headquartered in Singapore.
With respect to increasing market share for digital assets, investors who are optimistic about the long-term potential of cryptoassets go for trustworthy, authorized platforms.
“With crypto currency markets seeing unparalleled volatility… This rush to shelter has helped DBS’s digital asset infrastructure,” according to the bank.
As per DBS, which noted that “Buys represented for about 90% of transactions on Ddex in June 2022,” the aggregate number of trades conducted on the Ddex in June 2022 was over twice that of April, as investors bought the decline. In June 2022, nearly four times as much Bitcoin was acquired on the Ddex compared to April 2022. Similarly, there were 65% more ETH purchases on Ddex in June 2022 compared to April 2022.
DBS, the largest bank in Southeast Asia, recently stated that its institutional-level custodial service is being used by more customers to hold cryptocurrencies. The amount of bitcoin (BTC) under administration as of June 30 increased by around 30% from April 30, while the amount of ether (ETH) under care increased by approximately 3% over the same timeframe.
And in the meantime, DBS evidenced that notwithstanding market volatility, their bitcoin exchange clientele expanded. Comparing 30 June to 30 April, the Ddex exchange “reported a 10% increase in its customer base.” The bank stated that inquiries from institutions and corporate clients remained solid. “What we are witnessing in the crypto currency business is a splendid return to normal as the investor perspective moves substantially away from the quest for income,” DBS Digital Exchange CEO Lionel Lim stated, further stating that investors are instead seeking safe havens to buy and sell and hold their cryptocurrencies against the backdrop of ongoing market fluctuation. Non-institutional individual trading for authorized clients will commence in the months ahead, as per DBS.
Back in December 2020, the bank launched a cryptocurrency exchange. In May 2021, it announced a cryptocurrency trust solution, which was quickly followed by the launch of its initial security token offering.