DBS Group
Holdings, an funding holding firm from Singapore, introduced on Wednesday
that its DBS Digital Change (DDEx) crypto trade Bitcoin (BTC) buying and selling
volumes rose 80% year-over-year (YoY). Moreover, the variety of tokens held
in custody elevated twofold.
Moreover, the press
launch said that Ethereum (ETH) buying and selling volumes rose, attaining a 65%
YoY development. The trade didn’t present actual greenback figures for the volumes, however they
are just like figures from a 12 months in the past on account of substantial worth declines for
main digital belongings in 2022. Over the course of 2022, bitcoin misplaced virtually 70%,
beginning the 12 months at $46,000 and ending beneath $17,000.
“The
market has decisively shifted its focus in the direction of belief and stability, particularly
within the wake of a number of scandals which have rocked the trade,” Lionel
Lim, the CEO of the DBS Digital Change, commented.
Lim was
referring to the collapse of the Terra ecosystem in Might and the collapse of the cryptocurrency trade FTX in November. The platform he represents benefited
from the truth that digital belongings traders had been searching for a protected platform the place they might proceed to commerce within the face of heightened volatility.
Two Years of DDEx Development
DBS, the
greatest lender in Southeast Asia, determined to arrange its digital belongings buying and selling
platform comparatively early in comparison with different conventional finance giants. DDEx
began its operation in late 2020, aiming at institutional and ‘elite’ retail
traders. It was one of many first cryptocurrency exchanges on this planet to be 100%
created and managed by a conventional financial institution.
Betting on the
continued development of its crypto trade, DBS stated this week that it plans to
apply for a license to permit it to supply cryptocurrencies to Hong Kong
clients.
“We
are planning to use for a licence in Hong Kong in order that the financial institution might promote
digital belongings to our Hong Kong clients,” Sebastian Paredes, the CEO of Hong Kong’s DBS Financial institution, commented on Monday’s press briefing.
The transfer
comes as Hong Kong takes steps to draw extra cryptocurrency companies in a bid to
grow to be a regional crypto hub. As native laws grow to be clear, DBS
desires to grow to be one of many banks excited by collectively constructing a brand new foothold
within the digital asset trade.
The
establishment has been engaged on creating security-token choices (STOs), but it surely has determined to postpone them in the meanwhile as a result of present
macroeconomic uncertainties and disaster within the trade. Nonetheless, it intends to
resume work on STO listings later this 12 months.
Watch the latest FMLS22 panel titled “To Crypto or To not Crypto: Will Crypto Fizzle Out of Right here to Keep?”
DBS Bets on Crypto and
Blockchain Business
Earlier than
launching its personal cryptocurrency trade, DBS had already been concerned in
digital asset tasks and blockchain know-how. In Might 2020, it turned the
first financial institution from Singapore to hitch the Contour trade-finance blockchain community,
which is constructed on R3’s Corda.
A 12 months
later, the financial institution partnered with JPMorgan and Temasek to launch a blockchain-based
cross-border funds platform. In the identical 12 months, it started issuing blockchain
bonds referred to as DBS Digital Bonds.
In early
2022, DBS introduced its plans to prolong its present trade providing to
retail traders. The transfer was alleged to happen by the tip of final 12 months however has been placed on maintain as a result of beforehand talked about turmoil.
DBS Group
Holdings, an funding holding firm from Singapore, introduced on Wednesday
that its DBS Digital Change (DDEx) crypto trade Bitcoin (BTC) buying and selling
volumes rose 80% year-over-year (YoY). Moreover, the variety of tokens held
in custody elevated twofold.
Moreover, the press
launch said that Ethereum (ETH) buying and selling volumes rose, attaining a 65%
YoY development. The trade didn’t present actual greenback figures for the volumes, however they
are just like figures from a 12 months in the past on account of substantial worth declines for
main digital belongings in 2022. Over the course of 2022, bitcoin misplaced virtually 70%,
beginning the 12 months at $46,000 and ending beneath $17,000.
“The
market has decisively shifted its focus in the direction of belief and stability, particularly
within the wake of a number of scandals which have rocked the trade,” Lionel
Lim, the CEO of the DBS Digital Change, commented.
Lim was
referring to the collapse of the Terra ecosystem in Might and the collapse of the cryptocurrency trade FTX in November. The platform he represents benefited
from the truth that digital belongings traders had been searching for a protected platform the place they might proceed to commerce within the face of heightened volatility.
Two Years of DDEx Development
DBS, the
greatest lender in Southeast Asia, determined to arrange its digital belongings buying and selling
platform comparatively early in comparison with different conventional finance giants. DDEx
began its operation in late 2020, aiming at institutional and ‘elite’ retail
traders. It was one of many first cryptocurrency exchanges on this planet to be 100%
created and managed by a conventional financial institution.
Betting on the
continued development of its crypto trade, DBS stated this week that it plans to
apply for a license to permit it to supply cryptocurrencies to Hong Kong
clients.
“We
are planning to use for a licence in Hong Kong in order that the financial institution might promote
digital belongings to our Hong Kong clients,” Sebastian Paredes, the CEO of Hong Kong’s DBS Financial institution, commented on Monday’s press briefing.
The transfer
comes as Hong Kong takes steps to draw extra cryptocurrency companies in a bid to
grow to be a regional crypto hub. As native laws grow to be clear, DBS
desires to grow to be one of many banks excited by collectively constructing a brand new foothold
within the digital asset trade.
The
establishment has been engaged on creating security-token choices (STOs), but it surely has determined to postpone them in the meanwhile as a result of present
macroeconomic uncertainties and disaster within the trade. Nonetheless, it intends to
resume work on STO listings later this 12 months.
Watch the latest FMLS22 panel titled “To Crypto or To not Crypto: Will Crypto Fizzle Out of Right here to Keep?”
DBS Bets on Crypto and
Blockchain Business
Earlier than
launching its personal cryptocurrency trade, DBS had already been concerned in
digital asset tasks and blockchain know-how. In Might 2020, it turned the
first financial institution from Singapore to hitch the Contour trade-finance blockchain community,
which is constructed on R3’s Corda.
A 12 months
later, the financial institution partnered with JPMorgan and Temasek to launch a blockchain-based
cross-border funds platform. In the identical 12 months, it started issuing blockchain
bonds referred to as DBS Digital Bonds.
In early
2022, DBS introduced its plans to prolong its present trade providing to
retail traders. The transfer was alleged to happen by the tip of final 12 months however has been placed on maintain as a result of beforehand talked about turmoil.
