• The Singapore bank DBS Group Holdings witnessed an 80% increase in Bitcoin trading volume on its crypto trading subsidiary, DDEx.
• The company recorded a 65% increase in Ethereum transaction volume and saw the number of BTC in its custody double by the end of 2022.
• DDEx also doubled its user base with 1,200 new customers registered on the platform.
DBS Records 80% Increase in Bitcoin Trading Despite Bear Market: Report
Recorded Growth in Bitcoin and Ethereum Trading Volumes
The Singapore bank DBS Group Holdings saw a significant growth in BTC and ETH trading volumes on its crypto trading subsidiary, DDEx, despite the crypto winter that wiped out billions of dollars from the market. The exchange recorded an 80% increase in Bitcoin trade volume compared to the previous year, doubling the number of BTCs in DDEx’s custody by December 31st 2022. Additionally, there was a 65% rise in Ethereum transaction volume seen during this period.
Increase In Customer Base
Aside from these increases, DDEx experienced an expansion of its customer base with 1,200 new clients registering on the platform by the end of 2022.
Shift Towards Trust And Stability
Commenting on these developments, it is believed that “the market has decisively shifted its focus towards trust and stability” following multiple scandals that have rocked the industry over recent years. As a regulated digital exchange backed by one of Asia’s largest banks – DBS Group – investors are finding increasing comfort levels when using their services.
In conclusion, despite negative sentiments within the global cryptocurrency industry at present, DBS Digital Exchange has been able to record growth across both their user base and transactions involving BTC & ETH throughout last year.