DBS, the largest bank in Southeast Asia, says that it has benefited from the recent crypto market sell-off. The trading volume of its crypto exchange nearly doubled in July, compared to April. The quantity of bitcoin bought on its exchange grew nearly four times during that time period.
DBS Crypto Customers Bought the Dip
DBS, the largest bank in Southeast Asia by assets, announced Monday that DBS Digital Exchange (Ddex) has benefited as crypto investors sought safety amid market volatility. DBS, headquartered and listed in Singapore, has a presence in 18 markets.
“With the digital asset industry experiencing unprecedented volatility … DBS’ digital asset ecosystem has been a beneficiary of this flight to safety,” the bank detailed, elaborating:
Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market.
As investors bought the dip, the total number of trades executed on Ddex in June was more than double that of April, DBS stated, adding that “Buys accounted for over 90% of trades on Ddex in June 2022.”
The largest bank in Southeast Asia continued:
The quantity of BTC bought on Ddex in June 2022 was nearly four times that of April 2022. Similarly, the quantity of ETH bought on Ddex in June 2022 was 65% higher than that of April 2022.
In addition, DBS revealed that customers are storing more digital assets using its institutional-grade custody solution.
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