DBS, the largest bank in Southeast Asia, says that it has benefited from the recent crypto market sell-off. The trading volume of its crypto exchange nearly doubled in July, compared to April. The quantity of bitcoin bought on its exchange grew nearly four times during that time period.
DBS Crypto Customers Bought the Dip
DBS, the largest bank in Southeast Asia by assets, announced Monday that DBS Digital Exchange (Ddex) has benefited as crypto investors sought safety amid market volatility. DBS, headquartered and listed in Singapore, has a presence in 18 markets.
“With the digital asset industry experiencing unprecedented volatility … DBS’ digital asset ecosystem has been a beneficiary of this flight to safety,” the bank detailed, elaborating:
Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market.
As investors bought the dip, the total number of trades executed on Ddex in June was more than double that of April, DBS stated, adding that “Buys accounted for over 90% of trades on Ddex in June 2022.”
The largest bank in Southeast Asia continued:
The quantity of BTC bought on Ddex in June 2022 was nearly four times that of April 2022. Similarly, the quantity of ETH bought on Ddex in June 2022 was 65% higher than that of April 2022.
In addition, DBS revealed that customers are storing more digital assets using its institutional-grade custody solution.
The number of bitcoin (BTC) under custody as of June 30 grew by about 30% since April 30 while the number of ether (ETH) under custody grew by about 3% during the same time period.
Meanwhile, DBS noted that its crypto exchange’s customer base continued to grow throughout the market volatility. The Ddex exchange “registered a 10% growth in its customer base” as of June 30 as compared to April 30. Moreover, inquiries from corporate and institutional investors also remained strong, the bank said.
DBS Digital Exchange CEO Lionel Lim commented, “What we are seeing in the digital asset industry is a great reset as the investment narrative shifts decisively away from the chase for yield,” adding:
Investors today are instead seeking out safe harbours to trade and store their digital assets amid the ongoing market volatility.
DBS also noted that it is “on track to roll out self-directed trading for accredited investors in the coming months.”
The bank launched a cryptocurrency exchange in December 2020. It then launched a trust service for cryptocurrencies in May last year, followed by the launch of its first security token offering.