DBS, the biggest financial institution in Southeast Asia, says that it has benefited from the current crypto market sell-off. The buying and selling quantity of its crypto alternate practically doubled in July, in comparison with April. The amount of bitcoin purchased on its alternate grew practically 4 occasions throughout that point interval.
DBS Crypto Clients Purchased the Dip
DBS, the biggest financial institution in Southeast Asia by belongings, introduced Monday that DBS Digital Change (Ddex) has benefited as crypto traders sought security amid market volatility. DBS, headquartered and listed in Singapore, has a presence in 18 markets.
“With the digital asset trade experiencing unprecedented volatility … DBS’ digital asset ecosystem has been a beneficiary of this flight to security,” the financial institution detailed, elaborating:
Traders who imagine in the long-term prospects of digital belongings are gravitating in direction of trusted and controlled platforms to entry the digital asset market.
As traders purchased the dip, the entire variety of trades executed on Ddex in June was greater than double that of April, DBS acknowledged, including that “Buys accounted for over 90% of trades on Ddex in June 2022.”
The biggest financial institution in Southeast Asia continued:
The amount of BTC purchased on Ddex in June 2022 was practically 4 occasions that of April 2022. Equally, the amount of ETH purchased on Ddex in June 2022 was 65% increased than that of April 2022.
As well as, DBS revealed that clients are storing extra digital belongings utilizing its institutional-grade custody resolution.
The variety of bitcoin (BTC) underneath custody as of June 30 grew by about 30% since April 30 whereas the variety of ether (ETH) underneath custody grew by about 3% throughout the identical time interval.
In the meantime, DBS famous that its crypto alternate’s buyer base continued to develop all through the market volatility. The Ddex alternate “registered a 10% progress in its buyer base” as of June 30 as in comparison with April 30. Furthermore, inquiries from company and institutional traders additionally remained robust, the financial institution mentioned.
DBS Digital Change CEO Lionel Lim commented, “What we’re seeing in the digital asset trade is a good reset because the funding narrative shifts decisively away from the chase for yield,” including:
Traders at this time are as a substitute in search of out protected harbours to commerce and retailer their digital belongings amid the continuing market volatility.
DBS additionally famous that it’s “on observe to roll out self-directed buying and selling for accredited traders in the approaching months.”
The financial institution launched a cryptocurrency alternate in December 2020. It then launched a belief service for cryptocurrencies in Could final 12 months, adopted by the launch of its first safety token providing.
What do you concentrate on DBS rising buying and selling volumes and buyer base amid crypto winter? Tell us in the feedback part beneath.
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