Singapore’s largest bank, DBS, announced that its Digital Exchange (DDex) had over $ 600 million in digital assets under custody at the end of last month. This is triple the amount recorded in September.
This is driven by the “strong trade momentum” since the exchange went 24/7 in August this year. In the two months since its 24-hour operations, DDex’s trading volumes have exceeded the total trading volume from January to August by 40%.
A “vote of confidence”
DBS called the answer a “vote of confidence” in the bank’s ability to deliver robust end-to-end solutions along the digital asset value chain. The bank said it also saw a growing number of corporate and institutional clients among its exchange participants.
Corporate and institutional clients who are onboard DDEx include established banking and financial institutions, a central bank, and even other digital asset exchanges. The exchange also serves accredited investors and family offices.
Eng-Kwok Seat Moey, head of the capital markets group and chairman of the DBS Digital Exchange, calling the cryptocurrency and digital asset economy “thriving”, said, “What DBS has created is a holistic ecosystem to serve the ‘entire digital asset value chain, from origin of transactions to tokenization, listing, trading and custody, all within a trusted and regulated banking environment. “
“As Singapore continues to establish itself as a hub for digital asset businesses, DBS is leading the way in helping our customers capture value by staying true to our security principles,” he said.
All-time high bitcoins
DDEx allows users to trade digital assets such as Bitcoin. To date it has more than 500 participants.
The DBS update comes as Bitcoin hit an all-time high this month, at US $ 68,521 on November 5th.
Bitcoin is trading at $ 65,795.32 today (Nov 15), nearly three times the value of its trading price of US $ 28,984.98 on Jan 1, 2021.
Rapid growth for DDex
Launched in December 2020, DDex has already reached a couple of milestones in these 11 months.
In June of this year, digital exchange DBS listed its first security token offering in the form of a $ 15 million digital bond.
Last month, it became the first banking brokerage firm to receive formal approval from the Monetary Authority of Singapore under the Payment Services Act to provide digital payment token services as a Major Payment Institution.
DBS head Piyush Gupta recently said the bank has set a goal of opening a blockchain-backed digital exchange to the retail market next year.
Featured image credit: Reuters
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