DBS Group
Holdings, an funding holding firm from Singapore, introduced on Wednesday
that its DBS Digital Change (DDEx) crypto alternate Bitcoin (BTC) buying and selling
volumes rose 80% year-over-year (YoY). Moreover, the variety of tokens held
in custody elevated twofold.
The press
launch additionally said that Ethereum (ETH) buying and selling volumes rose, attaining a 65%
YoY progress. The alternate didn’t present actual greenback figures for quantity, however they
are much like figures from a yr in the past on account of substantial worth declines for
main digital property in 2022. Over the course of 2022, bitcoin misplaced nearly 70%,
beginning the yr at $46,000 and ending under $17,000.
“The
market has decisively shifted its focus in 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 alternate FTX in November. The platform he represents benefited
from the truth that digital property buyers have been in search of a secure platform the place
may proceed to commerce within the face of heightened volatility.
Two Years of DDEx Progress
DBS, the
largest lender in Southeast Asia, determined to arrange its digital property 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
buyers. It was one of many first cryptocurrency exchanges on the planet to be 100%
created and managed by a conventional financial institution.
Betting on the
continued progress of its crypto alternate, 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 may promote
digital property to our Hong Kong clients,” Sebastian Paredes, the CEO of
the 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
change into a regional crypto hub. As native laws change into clear, DBS
needs to change into one of many banks thinking about collectively constructing a brand new foothold
within the digital asset trade.
The
establishment has been engaged on creating security-token choices (STOs), however
has determined to postpone them in the meanwhile because of the present
macroeconomic uncertainties and disaster within the trade. Nevertheless, it intends to
resume work on STO listings later this yr.
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 alternate, DBS had already been concerned in
digital asset tasks and blockchain expertise. 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 yr
later, the financial institution partnered with JPMorgan and Temasek to launch a blockchain-based
cross-border funds platform. In the identical yr, it started issuing blockchain
bonds known as DBS Digital Bonds.
In early
2022, DBS introduced its plans to prolong its current alternate providing to
retail buyers. The transfer was speculated to happen by the top of final yr,
however has been placed on maintain because of the beforehand talked about turmoil.
DBS Group
Holdings, an funding holding firm from Singapore, introduced on Wednesday
that its DBS Digital Change (DDEx) crypto alternate Bitcoin (BTC) buying and selling
volumes rose 80% year-over-year (YoY). Moreover, the variety of tokens held
in custody elevated twofold.
The press
launch additionally said that Ethereum (ETH) buying and selling volumes rose, attaining a 65%
YoY progress. The alternate didn’t present actual greenback figures for quantity, however they
are much like figures from a yr in the past on account of substantial worth declines for
main digital property in 2022. Over the course of 2022, bitcoin misplaced nearly 70%,
beginning the yr at $46,000 and ending under $17,000.
“The
market has decisively shifted its focus in 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 alternate FTX in November. The platform he represents benefited
from the truth that digital property buyers have been in search of a secure platform the place
may proceed to commerce within the face of heightened volatility.
Two Years of DDEx Progress
DBS, the
largest lender in Southeast Asia, determined to arrange its digital property 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
buyers. It was one of many first cryptocurrency exchanges on the planet to be 100%
created and managed by a conventional financial institution.
Betting on the
continued progress of its crypto alternate, 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 may promote
digital property to our Hong Kong clients,” Sebastian Paredes, the CEO of
the 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
change into a regional crypto hub. As native laws change into clear, DBS
needs to change into one of many banks thinking about collectively constructing a brand new foothold
within the digital asset trade.
The
establishment has been engaged on creating security-token choices (STOs), however
has determined to postpone them in the meanwhile because of the present
macroeconomic uncertainties and disaster within the trade. Nevertheless, it intends to
resume work on STO listings later this yr.
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 alternate, DBS had already been concerned in
digital asset tasks and blockchain expertise. 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 yr
later, the financial institution partnered with JPMorgan and Temasek to launch a blockchain-based
cross-border funds platform. In the identical yr, it started issuing blockchain
bonds known as DBS Digital Bonds.
In early
2022, DBS introduced its plans to prolong its current alternate providing to
retail buyers. The transfer was speculated to happen by the top of final yr,
however has been placed on maintain because of the beforehand talked about turmoil.
