DBS digital exchange

DBS’ digital exchange has S$600M in digi assets, 3X more than in Sept

Singapore’s largest bank, DBS, announced that its Digital Exchange (DDex) held more than S $ 600 million in digital assets on deposit at the end of last month. This is triple the amount recorded in September.

This is due to the “strong commercial momentum” since the exchange became operational 24/7 in August of this year. In the two months following its 24-hour operations, DDex’s transaction volumes exceeded the total transaction volume from January to August by 40 percent.

A “vote of confidence”

DBS called the response a “vote of confidence” in the bank’s ability to deliver robust end-to-end solutions across the digital asset value chain. The bank said it has also seen a growing number of corporate and institutional clients among its exchange participants.

The corporate and institutional clients who are on board DDex include established banking and financial institutions, a central bank, and even other digital asset exchanges. The exchange also serves accredited investors and family offices.

Image Credit: DBS

Calling the cryptocurrency and digital asset economy ‘burgeoning’, Eng-Kwok Seat Moey, Group Head of Capital Markets and Chairman of the DBS Digital Exchange, said: From origination of transactions to tokenization , listing, trading and custody, all in a reliable and regulated banking environment.

“As Singapore continues to establish itself as a hub for digital asset businesses, DBS is leading the way in helping our clients capture value while staying true to our safety and security principles,” a- he declared.

Bitcoin record

DDEx allows users to trade digital assets such as Bitcoin. To date, it has more than 500 participants.

The DBS update comes as Bitcoin hit all-time highs this month, at US $ 68,521 on November 5.

Bitcoin is trading at US $ 65,795.32 today (November 15), nearly three times the value from its trading price of US $ 28,984.98 on January 1, 2021.

Rapid growth for DDex

Launched in December 2020, DDex has already achieved several milestones during these 11 months.

In June of this year, the DBS digital exchange listed its inaugural security token offering in the form of a S $ 15 million digital bond.

Last month, it became the first bank-backed brokerage house to receive formal approval from the Monetary Authority of Singapore under the Payment Services Act to provide digital payment token services as a as a major paying institution.

DBS chief Piyush Gupta recently said the bank has set a goal of opening a blockchain-backed digital exchange to the retail market next year.

Featured Image Credit: Reuters

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