DBS Digital Change (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 belongings held by DBS surged by over 80%.
This development is attributed to a web influx of deposits from purchasers looking 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 total market capitalisation of cryptocurrencies throughout the identical interval.
DBS makes use of institutional-grade chilly wallets for storing purchasers’ digital belongings, making certain safety by retaining them separate from the trade.
Launched in December 2020, DDEx gives institutional and accredited traders with a totally built-in ecosystem for tokenisation, buying and selling, and custody of digital belongings. It’s the first full-service digital asset trade supported by a financial institution.
DBS was not too long ago chosen by blockchain and tokenisation infrastructure platform Paxos as its main banking companion for money administration and custody of stablecoin reserves.
Lim Wee Kian
Lim Wee Kian, CEO of DDEx, mentioned,
“Our robust development underscores our purchasers’ recognition that DBS gives these worth propositions. We stay dedicated to increasing the suite of merchandise for skilled traders coming into this asset class.
To that finish, we’re finding out itemizing stablecoins on our trade and finding out how one can allow purchasers to earn rewards via Ethereum staking. We additionally proceed to judge appropriate safety token providing alternatives.”
Featured picture credit score: Edited from Freepik
