DBS Digital Exchange saw trading volume rise significantly in June in the midst of ongoing turbulence in cryptocurrency markets.
The total number of trades on DBS Digital Exchange (DDEx) more than doubled in June compared to April this year, according to a statement, with buy orders accounting for 90 percent of trades. Compared to April 2022, the quantity of ethereum bought in June rose 65 percent while the number of purchased bitcoins quadrupled.
DBS also saw demand rise for its custody services, which hold digital assets separately within the bank. The amount of bitcoin and ether under custody grew about 30 percent and 3 percent, respectively, between end-April and end-June.
Overall, DDEx’s customer base grew 10 percent during the period.
New Offering
While the bank reversed plans to extend crypto services for retail customers in April, citing regulatory concerns as a near term hurdle, it is still further opening up access for its existing client base.
Moving forward, DBS said it was on track to roll out self-directed trading for accredited investors in the coming months.
«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,» said DDeX chief executive Lionel Lim.
