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DBS Says Bitcoin Trading up 80% in 2022 on DDex Exchange
DBS’ crypto exchange, which is not open to retail traders, currently allows for bitcoin, ether, XRP, bitcoin cash, DOT and ADA trading.
Door Sam Reynolds
Singapore’s DBS bank said in a release the amount of bitcoin traded on its DDEx exchange was close to 80% higher year on year, while the amount of ether traded on the platform was nearly 65% higher.
The bank wouldn’t release figures related to dollar value trading, but a spokesperson told CoinDesk that the value traded on DDEx in 2022 is flat compared to the year prior because of price volatility.
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Bitcoin dropped by about 65% in 2022, beginning the year at around $46,000 and ending close to $16,500.
DDEx also said it had doubled its customer base in 2022 with close to 1,200 participants registered on the exchange, and pointed to an increase in clients using its digital custody solution.
Last year DBS said it planned to expand DDEx into retail trading by the end of 2022, but canceled those plans in April 2022 citing Singapore's regulatory environment.
In a February 2022 interview with CoinDesk, Lionel Lim, the CEO of DDEx, said the exchange’s full-year trading volume was about $819 million for 2021, a fraction of what institution-focused LMAX Digital or Hong Kong-based institutional exchange OSL would do.
DBS is also considering expanding DDEx into Hong Kong when authorities in the city finalize its new crypto framework.
“At the appropriate time, DBS will apply for the necessary licenses in Hong Kong to avail our digital asset solutions to the market,” Sebastian Paredes, CEO of DBS Bank’s Hong Kong operations, said in a statement.
Recently, DDEx expanded the tokens available for trading on its platform to six by adding and Cardano's ADA.
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