DBS’s crypto exchange benefitted from being a regulated entity amid the crypto winter in 2022 and it expects more growth in 2023.
Despite ongoing crypto worries in the aftermath of multiple collapses in 2022, including FTX and TerraUSD, DBS is optimistic about its own digital exchange business in 2023.
According to CEO Piyush Gupta, revenue from DBS Digital Exchange (DDEx) is expected to increase by around 60 or 70 percent this year.
Regulatory Benefits
While investor confidence in crypto markets was dented last year, DDEx benefitted from being a regulated entity as other exchanges were being questioned.
In addition, it also expanded the business to the affluent client segment in September 2022 after previously limiting access to institutional, family office and private banking clients.
