Despite the market crisis of 2022, Singapore-based banking giant DBS saw a significant surge in bitcoin (BTC) trading volume on its digital exchange, according to a Bloomberg report on Wednesday that cited a statement from the bank.
80% Surge in BTC Trading Volume
Per the report, the number of BTC traded on DBS Digital Exchange (DDEx) increased by 80% in 2022, while the number in custody at the end of last year, more than doubled from the previous year.
The banking giant was able to record such numbers at a time when the market faced one of its worst moments. In 2022, BTC lost more than 65% of its value as several industry players, such as Three Arrows Capital (3AC) and FTX, struggled with liquidity. DBS said it was the beneficiary of a flight to safety following the market crisis.
“The market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry,” Lionel Lim, the chief executive officer of the DBS Digital Exchange, said.
DBS also revealed last year that the number of BTC bought on DDEx more than doubled in June from two months earlier. The bank did not reveal data for volume traded for other months in 2022.
DBS’s Crypto Business
DBS, the largest bank in Singapore, launched DDEx in December 2020. DDEx is backed by SGX – Singaporean derivatives and asset exchange – and is only available for institutional and accredited investors.
The bank had announced earlier last year that it intended to also offer crypto trading services to retail clients but abandoned the plans due to technical issues and regulatory concerns.
Meanwhile, the latest report on DBS trading volume comes just a few days after the bank said it was planning to apply for a license that would allow it to offer crypto services to Hong Kong customers. The move aligns with Hong Kong’s ambition to become a regional hub for digital assets.
