DBS Bank reported a business value of more than S$1.1 billion for its digital exchange in fiscal 2021, calling the business “high traction” for its ecosystem’s first year of operation. digital assets.
The bank said that momentum accelerated after it went live with its 24/7 DBS Digital Exchange (DDEx) in August 2021. Trading values in the fourth quarter reached nearly 800 million Singaporean dollars, five times more than the previous quarter.
DDEx is one of the world’s first bank-backed digital exchanges and consists of members including accredited investors, corporate and institutional clients, and family offices.
DBS’s digital assets in custody at the end of last year stood at more than S$800 million, four times the amount recorded in the third quarter.
In October, DBS’ brokerage arm, DBS Vickers, received formal approval from the Monetary Authority of Singapore to provide digital payment token services. This allowed the brokerage firm, as a member of DDEx, to help asset managers and businesses trade digital payment tokens through the exchange.
DBS plans to expand the exchange and list more tokens
“We are not resting on our laurels and over the coming year we will scale our business to serve more target customers, leveraging DBS’ digital asset ecosystem and its investor base,” said Lionel Lim, CEO of DDEx.
“We also aim to list more digital payment tokens and security token offerings (STOs) for trading. Our sustainable growth trajectory will help grow the digital asset market in the region, which in turn will help deepen Singapore’s expertise and stature as a global digital asset hub.
A check on the DBS website shows that it currently offers four cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash, and XRP.
According to the exchange, it provides an integrated suite of end-to-end solutions across the digital value chain, including payments, settlements, secondary trading and custody.
Featured Image Credit: Reuters
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