DBS is the largest bank in Southeast Asia and says it has been able to benefit from the recent cryptocurrency market sell-off. Its crypto exchange traded nearly twice as much in July than April. The exchange’s bitcoin volume grew almost four-fold during this time.

DBS Customers Purchased the Dip

DBS is the largest bank in Southeast Asia. It announced Monday that DBS Digital Exchange, (Ddex), has been a beneficiary as crypto investors sought security amid volatility. DBS, headquartered and listed in Singapore, has a presence in 18 markets.

“With digital asset markets experiencing unprecedented volatility, DBS’ digital ecosystem has been a beneficiary this flight to safety,” explained the bank.

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 continues to be

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.

DBS also revealed that institutional-grade custody solutions are being used by more customers to store digital assets.

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.

DBS also noted that the crypto exchange’s customer base has continued to grow despite market volatility. The Ddex exchange “registered a 10% growth in its customer base” as of June 30 as compared to April 30. The bank also stated that inquiries from institutional and corporate investors remained strong.

DBS Digital Exchange CEO Lionel Lim said, “Whatever we are seeing in digital asset industry is an incredible reset as the investment narrative shifts decisively from the chase after yield.”

Investors today are instead seeking out safe harbours to trade and store their digital assets amid the ongoing market volatility.

DBS noted that self-directed trading is being developed for accredited investors and will be available in the next months

The bank launched a cryptocurrency exchange in December 2020. The bank launched a trust service to cryptocurrencies in May 2015, which was followed by the launch its first security token offering.

What do you think about DBS growing trading volumes and customer base amid crypto winter? Comment below.

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