Sunday, June 23, 2024

DBS Bank in Singapore is Seeing an Increase in Crypto Trading Volume

In Q4 2021, DBS Digital Exchange’s – albeit small – trading volume increased to $595.5 million, more than double that of the previous three quarters.

In the 4th quarter of 2021, the digital asset exchange launched by Singapore’s DBS Bank has seen the first signs of explosive increase, with trading volume more than doubling the rest of the year coupled.

However, DBS Digital Exchange’s full-year trading activity in 2021 was around $819 million, a fraction of the daily volumes of platforms such as Binance or perhaps the institution-focused LMAX Digital.

As per Lionel Lim, CEO of DBS Digital Exchange, after shifting on 24/7 trading in August 2021, DBS’ 600-member exchange is also seeing things ratchet up. The volume of trading in the 4th quarter of 2021 was around $595.5 million; more than double that of the three previous quarters.

When it comes to implementing crypto into the economic aspect of the country, Singapore has indeed been nimble but also innovative, similar to Switzerland.

Why does it matter?

Lim, who was the first bank to launch a digital asset exchange in December 2020, stressed that the first year was more about testing the infrastructure needed to move an entirely digital asset eco-system than it was about trading activity.

Tokenized financial assets are a crucial element of this vision, which is supplemented by crypto-to-fiat on-ramps and digital asset custodians within DBS Bank.

In an interview, Lim explained that “what we’ve done here is try to digitalize the capital markets process, right from inception to settling, custody, as well as trading. Also, We would like to scale this at a rapid rate.”

DDEx currently supports four fiat currencies as well as four cryptos, with more coins but also tokens expected to be added in 2022. The platform surely has a great future ahead.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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