Southeast Asia’s largest bank, DBS, sees an 80% jump in Bitcoin trading volume on their crypto exchange in 2022. This is even though last year we saw a major dump in Bitcoin’s price, and the entire crypto market fell drastically as well. There were also several major events that disturbed the crypto market in 2022, such as the Luna-UST fiasco or the FTX bankruptcy. Despite this, it is a surprise that DBS has seen a jump in trading volume. An executive from the bank said that “We believe that the market has decisively shifted its focus towards trust and stability.” In other words, crypto users are moving towards more trustable platforms.
DBS sees high crypto trading volumes
The bank’s digital asset exchange saw a major jump in trading volume for both Bitcoin and Ethereum in 2022. At the same time, the number of customers that kept their crypto assets under custody at DBS also skyrocketed. The year-on-year hike was 80% for Bitcoin trading, while for Ethereum, the same was at 25%. As for the increase in the custody of Bitcoin and Ethereum, they were at 100% and 60%, respectively.
This increase indicates two important points. First was the increase in crypto adoption despite tough times. And secondly was the growth of the bank’s digital asset ecosystem because of the growing need for better and more dependable crypto service providers.
DBS launched its digital exchange in December 2020. It was initially only for institutional and well-recognized investors. However, they soon realized the huge potential the industry has and opened their trading platform to regular investors via DBS Digibank app in September 2022. The platform only supports trading of 6 cryptocurrencies which are Bitcoin, Ethereum, Bitcoin Cash, Ripple, Polkadot, and Cardano. DBS Digibank app currently has over 1200 registered users.
The crypto bear market’s effect on DBS
DBS also said that they didn’t see any major dump in the crypto market on their platform in the bear market. This goes to show that the user base they have are strong believers of crypto’s future and were confident in the winter market. In fact, DBS reported that overall the positions of its users were net-buy in H2 2022.
What are your thoughts as DBS bank sees an 80% jump in bitcoin trading volume in 2022? And do you think this was because of the collapse of multiple crypto exchanges? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: Metamask users can now buy crypto with fiat currencies directly from their wallets.
