Singapore’s DBS Digital Exchange (DDEx) was amongst the first banks in the world to offer clients cryptocurrency services when it launched in 2020. Now it says trading volumes have trebled during the first five months of the year, with active clients up 36%. Assets under custody are also rose 80% in Singapore dollar terms. However, it didn’t provide absolute figures.
The bank acknowledges the growth is on the back of cryptocurrency valuations growing more than 50% during the same period (62% for Bitcoin).
“Professional investors are increasingly viewing digital assets as a legitimate part of their alternative portfolios,” said Lim Wee Kian, CEO of DDEx. “They require platforms that provide them complete safety of their assets, seamless access to an entire ecosystem of digital asset services, and the ability to manage digital asset and traditional portfolios side-by-side. Our strong growth underscores our clients’ recognition that DBS offers these value propositions.”
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