Singapore’s largest bank, DBS, announced that its Digital Exchange (DDex) has more than $ 600 million in digital assets in custody late last month. This is three times the amount recorded in September.
This is led by the “strong business momentum” since the exchange went live 24 hours a day in August this year. In the two months since its all-day operations, DDex trading volumes have exceeded the total trading 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 customers among its participants in the exchange.
Corporate and institutional customers 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.
Calling cryptocurrency and the economy of digital assets “growing,” Eng-Kwok Seat Moey, head of the capital markets group and chairman of DBS Digital Exchange, said: “What DBS has established is a holistic ecosystem for to serve the entire value chain of digital assets, from the origin of agreements for tokenization, listing, trading and custody, all within a trustworthy and regulated banking environment ”.
“As Singapore continues to consolidate itself as a hub for digital asset companies, DBS is leading the way in helping our clients capture value while staying true to our security and safety principles,” he said.
Bitcoin’s all-time highs
DDEx allows users to trade digital assets such as Bitcoin. It has so far more than 500 participants.
The DBS update comes when Bitcoin hit all-time highs this month, at $ 68,521 on November 5th.
Bitcoin is trading at US $ 65,795.32 today (November 15), almost triple the value compared to its US $ 28,984.98 trading price on January 1, 2021.
Fast growth for DDex
Launched in December 2020, DDex has already reached a couple of milestones in these 11 months.
In June this year, digital exchange DBS listed its inaugural security card offering in the form of a $ 15 million digital bond.
Last month, it became the first banking intermediary to receive formal approval from the Singapore Monetary Authority under the Payment Services Act to offer digital payment witness services as the primary payment institution.
DBS chief Piyush Gupta recently said the bank has set a goal to open a blockchain-backed digital exchange in the retail market next year.
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