- Member’s only platform, DBS Digital Exchange (DDEx) had an increased number of trades throughout June.
- Transactions on DDEx quadrupled in June compared to April and demand for custody services increased.
- DBS is opening up cryptocurrency services to the current client base.
Singapore’s member-only platform for institutional and professional investors, DBS Digital Exchange (DDEx) experienced a significant increase in the number of trades for June. While 90% of the trades account for purchase orders, the transactions on DDEx have quadrupled in June versus April reports.
As per the statement released by the bank, the number of BTC purchases quadrupled in June, while ETH acquired in the same month grew by 65%. Moreover, the bank also observed a surge in the demand for custody services, liable for independently holding digital assets in the bank.
From April to June, the amount of Bitcoin and Ether stored in the bank increased by 30% and 3%, respectively. Additionally, there was also a 10% increase in DDEx’s total customer base during the same time range.
The bank has decided to overcome citing regulatory issues and extend cryptocurrency services to DBS’ retail client base, including an announcement of self-directed trading offering to qualified consumers in the upcoming months.
DDEx CEO, Lionel Lim quoted,
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. Investors today are instead seeking out safe harbors to trade and store their digital assets amid the ongoing market volatility.
The bank further plans to launch a retail crypto trading desk, and more cryptocurrency-optimized services integration that will be operational by end of 2022, said DBS CEO, Piyush Gupta.