DBS, the biggest financial institution in Southeast Asia, says that it has benefited from the current crypto market sell-off. The buying and selling quantity of its crypto change practically doubled in July, in comparison with April. The amount of bitcoin purchased on its change grew practically 4 occasions throughout that point interval.
DBS Crypto Clients Purchased the Dip
DBS, the biggest financial institution in Southeast Asia by belongings, introduced Monday that DBS Digital Change (Ddex) has benefited as crypto traders sought security amid market volatility. DBS, headquartered and listed in Singapore, has a presence in 18 markets.
“With the digital asset trade experiencing unprecedented volatility … DBS’ digital asset ecosystem has been a beneficiary of this flight to security,” the financial institution detailed, elaborating:
Buyers who imagine within the long-term prospects of digital belongings are gravitating in the direction of trusted and controlled platforms to entry the digital asset market.
As traders purchased the dip, the full variety of trades executed on Ddex in June was greater than double that of April, DBS said, including that “Buys accounted for over 90% of trades on Ddex in June 2022.”
The biggest financial institution in Southeast Asia continued:
The amount of BTC purchased on Ddex in June 2022 was practically 4 occasions that of April 2022. Equally, the amount of ETH purchased on Ddex in June 2022 was 65% greater than that of April 2022.
As well as, DBS revealed that prospects are storing extra digital belongings utilizing its institutional-grade custody answer.
The variety of bitcoin (BTC) beneath custody as of June 30 grew by about 30% since April 30 whereas the variety of ether (ETH) beneath custody grew by about 3% throughout the identical time interval.
In the meantime, DBS famous that its crypto change’s buyer base continued to develop all through the market volatility. The Ddex change “registered a ten% progress in its buyer base” as of June 30 as in comparison with April 30. Furthermore, inquiries from company and institutional traders additionally remained sturdy, the financial institution stated.
DBS Digital Change CEO Lionel Lim commented, “What we’re seeing within the digital asset trade is a good reset because the funding narrative shifts decisively away from the chase for yield,” including:
Buyers at the moment are as a substitute searching for out protected harbours to commerce and retailer their digital belongings amid the continued market volatility.
DBS additionally famous that it’s “on observe to roll out self-directed buying and selling for accredited traders within the coming months.”
The financial institution launched a cryptocurrency change in December 2020. It then launched a belief service for cryptocurrencies in Might final yr, adopted by the launch of its first safety token providing.
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