In 2023, DBS BANK, the biggest bank in Southeast Asia, expects Bitcoin trading volume on its cryptocurrency exchange to increase by 80%. This is despite the fact that the price of Bitcoin significantly dropped last year, along with the overall cryptocurrency industry. In 20223, a number of significant occurrences, such as the Luna-UST scandal and the FTX bankruptcy, caused market disruption. Notwithstanding this, the increase in trading volume at DBS is unexpected. “We feel that the market has strongly turned its attention towards trust and stability,” a bank executive stated. In other words, consumers of cryptocurrencies are switching to more dependable platforms.
DBS BANK SEES HIGH CRYPTO TRADING VOLUMES
The number of Bitcoin and Ethereum trades on the bank’s digital asset exchange has increased in 2022. At the same time, a huge increase was seen in the number of clients who held their cryptocurrency assets in DBS’s custody. Trading in Bitcoin saw an increase of 80% year over year, while Ethereum saw a 25% increase. The percentages of custody increases for Bitcoin and Ethereum were 100% and 60%, respectively.
This growth highlights two crucial issues. The first was the rise in cryptocurrency use in spite of the recession. The expansion of the bank’s ecosystem of digital assets came in second place as a result of the expanding need for stronger and more trustworthy crypto service providers.
The DBS BANK digital exchange went live in December 2020. At first, it was exclusively available to institutional and well-known investors. They soon realised the enormous potential of the sector, though, and in September 2022 made their trading platform accessible to normal investors via the DBS Digibank app. Just six cryptocurrencies—Bitcoin, Ethereum, Bitcoin Cash, Ripple, Polkadot, and Cardano—can be traded on the site. Almost 1200 people have currently enrolled for the DBS Digibank app.
THE CRYPTO BEAR MARKET’S EFFECT ON DBS BANK
DBS said that throughout the bad market, they did not observe any significant crypto market drops on their platform. This demonstrates that their user base is a committed supporter of cryptocurrency and has faith in the coming winter market. According to DBS, its consumers’ positions were net-buy in H2 2022.
What do you think about the 80% increase in bitcoin trading volume predicted by DBS bank for 2022? Do you believe that the failure of several cryptocurrency exchanges is to blame for this? Tell us in the comments section below. Also, please tell your family and friends about our information if you found it to be informative.
What is DBS BANK DDEx?
Describe DBS DDEx. DBS Digital Exchange (“DDEx”) provides trading services for a range of digital assets, such as cryptocurrencies and security tokens. It is supported by DBS Bank, a prominent provider of financial services in Asia with decades of experience in capital markets and safe custodial services.
Does DBS BANK accept Bitcoin?
DBS Digital Exchange currently provides trading services between six of the more well-known cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Polkadot, Cardano, and XRP, and four fiat currencies (SGD, USD, HKD, and JPY).
How much is DBS crypto fee?
excluding other costs, USD 16.20 (inclusive of GST) (or its equivalent in such other currency) per contract, including an external brokerage fee, subject to a minimum charge of USD 162 (included of GST).