DBS Crypto Branch Reports Tripled Trading Volume, Explores Stablecoin Listings

Of Fintech News Singapore
July 10, 2024

DBS Digital Exchange (DDEx) has seen significant growth in the first five months of 2024, with the trading volume of digital payment tokens nearly tripling compared to the same period in 2023.

The number of active trading clients increased by 36% and digital assets held by DBS increased by more than 80%.

This growth is attributable to a net inflow of deposits from customers seeking secure, bank-grade platforms for the custody and trading of digital assets.

The surge in activity coincides with a roughly 50% increase in the overall cryptocurrency market capitalization over the same period.

DBS uses institutional-grade cold wallets to store clients’ digital assets, ensuring their safety by keeping them separate from the exchange.

Launched in December 2020, DDEx provides institutional and accredited investors with a fully integrated ecosystem for tokenization, trading and custody of digital assets. It is the first full-service digital asset exchange backed by a bank.

DBS has recently been selected from blockchain and tokenization infrastructure platform Paxos as the primary banking partner for liquidity management and custody of stablecoin reserves.

Lim Wee Kian

Lim Wee Kian, CEO of DDExShe said,

“Our strong growth underscores our clients’ recognition that DBS offers these value propositions. We remain committed to expanding our product suite for professional investors entering this asset class.

To this end, we are exploring the listing of stablecoins on our exchange and exploring how to enable customers to earn rewards through Ethereum staking. We also continue to evaluate suitable security token offering opportunities.”

Featured image credit: edited by Free image

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