DBS’ Crypto Arm Reviews Tripling Buying and selling Quantity, Explores Stablecoin Listings

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DBS’ Crypto Arm Reviews Tripling Buying and selling Quantity, Explores Stablecoin Listings




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July 10, 2024

DBS Digital Alternate (DDEx) has skilled vital development within the first 5 months of 2024, with the buying and selling quantity of digital cost tokens practically tripling in comparison with the identical interval in 2023.

The variety of lively buying and selling purchasers elevated by 36%, and digital property held by DBS surged by over 80%.

This development is attributed to a internet influx of deposits from purchasers searching for safe, bank-grade platforms for digital asset custody and buying and selling.

The surge in exercise coincides with an approximate 50% enhance within the general market capitalisation of cryptocurrencies throughout the identical interval.

DBS makes use of institutional-grade chilly wallets for storing purchasers’ digital property, making certain safety by preserving them separate from the change.

Launched in December 2020, DDEx gives institutional and accredited buyers with a completely built-in ecosystem for tokenisation, buying and selling, and custody of digital property. It’s the first full-service digital asset change supported by a financial institution.

DBS was lately chosen by blockchain and tokenisation infrastructure platform Paxos as its major banking associate for money administration and custody of stablecoin reserves.

Lim Wee Kian

Lim Wee Kian

Lim Wee Kian, CEO of DDEx, mentioned,

“Our sturdy development underscores our purchasers’ recognition that DBS gives these worth propositions. We stay dedicated to increasing the suite of merchandise for skilled buyers getting into this asset class.

 

To that finish, we’re learning itemizing stablecoins on our change and learning how one can allow purchasers to earn rewards by Ethereum staking. We additionally proceed to guage appropriate safety token providing alternatives.”

 

Featured picture credit score: Edited from Freepik





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