DBS Digital Exchange (DDEx), the crypto-trading subsidiary of Singaporean banking giant DBS Group Holdings, saw exponential growth in bitcoin trading last year despite a winter that wiped billions of dollars off the market.
Based on a report from Bloomberg, the exchange recorded an 80% increase in Bitcoin trading volume compared to the previous year. Despite the negative sentiment in the market, the number of BTC in DDEx custody doubled on December 31, 2022.
Furthermore, the company saw an impressive growth in the number of Ethereum (ETH) transactions, with about 65% on record.
Last August, the firm revealed it had recorded a significant volume of transactions on the exchange following the market decline in the previous quarter.
Apart from the surge in Bitcoin and Ethereum transaction volume, DDEx experienced an increase in its customer base. Crypto subsidiary DBS doubled its user base in 2022, with 1,200 new customers registered on the platform.
"The market has shifted its focus towards more reliable and stable, especially following the various scandals that rocked the industry. As a regulated digital exchange backed by the DBS Group, we offer many unique advantages that have been appreciated by investors as they seek a reliable gateway to access the digital asset economy," said Lionel Lim, CEO of DBS Digital Exchange, in a statement.
DDEx is one of the first digital asset trading platforms in an industry managed by traditional banking systems.
The exchange launched in 2020 only for institutional investors and wealthy customers to trade digital assets such as Bitcoin (BTC), Ethereum (Ether), Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), and Ripple's XRP.
DBS planned to make the exchange accessible to retail investors last year but later withdrew in April due to regulatory requirements in Singapore. However, the company intends to expand its services to other Asian countries.
Last week, Bloomberg reported that DBS plans to seek permission from Hong Kong's regulatory authorities to provide its crypto services to customers in the region. The bank said it would make the move once the country finalizes its new crypto regulatory framework.
DBS also pushed to launch a security token offering (STO) for its customers, but that plan was shelved due to "market volatility and macroeconomic uncertainty." However, Lim said the company will explore opportunities to list "high-quality" STOs this year.
