The crypto exchange of DBS observed no major selloff in 2022, instead registering strong growth in trading volume and its customer base.
DBS Digital Exchange (DDEx) recorded an 80 percent and 65 percent increase in the number of bitcoin and ether traded, respectively, in 2022, according to a release. The number of bitcoin held in the bank's custody solution also doubled while the number of custodized ether increased 60 percent.
Overall, DDEx’s customer base doubled to nearly 1,200 registered participants at the end of last year.
No Selloff
According to DBS, the exchange did not observe any major selloff in 2022 with a net buy position from customers throughout the second half of 2022.
«DDEx continues to be a members-only exchange serving corporate and institutional investors, accredited investors and family offices, who are generally better able to manage the market risks,» the crypto bourse said.
STO, New Coins
In 2023, DDEx will explore opportunities in security token offerings after first observing interest from corporate clients in 2022 but putting plans on hold due to market volatility and macroeconomic uncertainty.
The exchange will also continue to expand its product offering after adding Polkadot (DOT) and Cardano (ADA) in October. Alongside bitcoin, ethereum, bitcoin cash and XRP, this brings the total number of cryptocurrencies available for spot trading to six.
«We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry,» said DDEx CEO Lionel Lim.
