DBS’ crypto exchange, which is not open to retail traders, currently allows for bitcoin, ether, XRP, bitcoin cash, DOT, and ADA trading.Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Singapore’s DBS bank said in a release that the number of bitcoin traded on its DDEx exchange was close to 80% higher year-on-year, while the number of Ether traded on the platform was nearly 65% higher.
The bank wouldn’t release figures related to dollar value trading, but a spokesperson told CoinDesk that the value traded on DDEx in 2022 is flat compared to the year prior because of price volatility.
Bitcoin dropped by about 65% in 2022, beginning the year at around $46,000 and ending close to $16,500.
DDEx also said that it had doubled its customer base in 2022 with close to 1,200 participants registered on the exchange, and pointed to an increase in clients using its digital custody solution.
Last year DBS said that it planned to expand DDEx into retail trading by the end of 2022, but canceled those plans in April 2022 citing Singapore’s regulatory environment.
In a February 2022 interview with CoinDesk, Lionel Lim, the CEO of DDEx, said that the exchange’s full-year trading volume was about $819 million for 2021, a fraction of what institution-focused LMAX Digital of Hong Kong-based institutional exchange OSL would do.
DBS is also eying an expanding DDEx into Hong Kong when authorities in the City finalize its new crypto framework.
“At the appropriate time, DBS will apply for the necessary licenses in Hong Kong to avail our digital asset solutions to the market,” Sebastian Paredes, CEO of DBS Bank’s Hong Kong operations said in a statement.
Recently, DDEx expanded the tokens available for trading on its platform to six by adding Polkadot (DOT) and Cardano (ADA).
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
