DBS Bank, based in Singapore, reported that the number of Bitcoin and Ether traded on its DDEx exchange in 2022 was significantly higher than the year prior. Bitcoin trading was up 80% year-on-year, while Ether trading was up 65%. Although the bank did not release figures related to dollar value trading, a spokesperson said that the value traded on DDEx in 2022 was flat due to price volatility. This indicates that the demand for cryptocurrencies is growing, despite the market’s volatility.
In 2022, Bitcoin dropped by about 65%, beginning the year at around $46,000 and ending close to $16,500. Despite this, DDEx, a digital asset exchange, saw a doubling of its customer base with close to 1,200 participants registered on the exchange. DDEx also saw an increase in clients using its digital custody solution. DBS had planned to expand DDEx into retail trading by the end of 2022, but canceled those plans in April 2022 citing Singapore’s regulatory environment. Despite the market downturn, DDEx was able to maintain its customer base and increase its digital custody solution usage.
Lionel Lim, CEO of DDEx, a digital asset exchange, recently revealed that the exchange’s full-year trading volume for 2021 was around $819 million. This figure is much lower than the trading volume of LMAX Digital, an institutional exchange based in Hong Kong. DBS, a Singapore-based bank, is looking to expand DDEx into Hong Kong when the authorities in the city finalize their new crypto framework. DDEx is a digital asset exchange that provides a secure and reliable platform for users to buy and sell digital assets. It also offers a wide range of services, including margin trading, derivatives trading, and more. DDEx is committed to providing a safe and secure trading environment for its users.
DBS Bank, one of the largest banks in Asia, has announced its plans to offer digital asset solutions in Hong Kong. The bank’s CEO, Sebastian Paredes, stated that they will apply for the necessary licenses in Hong Kong to provide these services. DDEx, a digital asset exchange, has recently expanded its tokens available for trading to six, adding Polkadot (DOT) and Cardano (ADA). This move by DBS Bank will provide more opportunities for investors to access digital assets in Hong Kong. It will also help to further develop the digital asset industry in the region. With this move, DBS Bank is set to become a leader in the digital asset space in Asia.
