Home » DBS Records Explosive Growth in Crypto Business Despite Market Winter

DBS Records Explosive Growth in Crypto Business Despite Market Winter

by Natalie Christie

DBS Digital Exchange (DDEx), the crypto trading subsidiary of the Singapore banking giant DBS Group Holdings, experienced an impressive growth in Bitcoin trading last year despite the winter that wiped out billions of dollars from the market. The exchange recorded an 80% increase in Bitcoin trade volume compared to the previous year and the number of BTC in DDEx’s custody doubled as of December 31, 2022. Furthermore, the company saw a 65% increase in its Ethereum (ETH) transaction volume. Aside from the surge in Bitcoin and Ethereum transaction volumes, DDEx experienced an increase in its customer base, doubling its user base in 2022.

The exchange was launched in 2020 strictly for institutional investors and wealthy clients to trade digital assets such as Bitcoin (BTC), Ethereum (Ether), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), and Ripple’s XRP. DBS planned to make the exchange accessible to retail investors last year but later backed out in April due to regulatory requirements in Singapore. Nonetheless, the company intends to expand its services to other Asian countries, with plans to obtain authorization from Hong Kong regulatory authorities.

DBS was also pushing to launch security token offerings (STO) for its clients, but the plan was halted due to “market volatility and macroeconomic uncertainty.” However, Lionel Lim, CEO of the DBS Digital Exchange, said the company would explore opportunities for listing “high quality” STOs this year. With the impressive growth in Bitcoin and Ethereum transaction volumes, as well as its customer base, DDEx is set to become one of the industry’s leading digital asset trading platforms.

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