A decision by DBS to roll out a 24-hour offering on its digital exchange has caused crypto volumes to surge, with trading totaling more than S$1 billion in 2021.
Trading volume in the fourth quarter at DBS Digital Exchange (DDEx) reached S$800 million ($594 million), according to a report by crypto media firm «Coindesk».
This was equivalent to double of the preceding three quarters – an increase which DDEx chief executive Lionel Lim attributes to an August 2021 decision to introduce 24-hour trading on the platform.
For the full year, trading volume totaled S$1.1 billion with 600 members on the exchange, including a central bank.
Tokenized Assets
In addition to popular crypto – the current offering includes four major fiat currencies and cryptocurrencies – DDEx is also focused on a «measured expansion» of tokenized issuances.
Following the issuance of a S$15 million digital bond last year, Lim said that DDEx has built a «well-oiled mechanism» to launch more similar offerings with an eye on expanding investor participation.
«We are toying with the idea of how we can serve a broader segment of customers down the road, to kind of move down to so-called middle-affluent people, potentially,» Lim said. «But of course, we will approach this in a very measured manner.»
