DBS’s members-only DBS Digital Exchange (DDEx) has recorded over $1.1 billion in trading value in the FY2021 ended December.
This is the digital exchange’s first full year of operations.
DDEx, which is one of the world’s first bank-backed digital exchanges, saw momentum pick up significantly after it went operational 24/7 in August 2021.
To be sure, the digital exchange saw trading values in the 4QFY2021 standing close to $800 million, representing a five-time surge q-o-q.
As at Dec 31, 2021, DBS’s digital assets under custody came in at over $800 million, four times higher q-o-q.
The members-only exchange says it has been “welcoming a growing number of DBS accredited investors and family offices who prefer the platform for its frictionless fiat-cryptocurrency trading experience and institutional-grade custodial services”.
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The exchange is also able to tap on the strengths of DBS’ broader digital asset ecosystem, including digital asset custody services and deal origination capabilities for Security Token Offerings (STOs).
Lionel Lim, CEO of DDEx says, “With more customers searching for a trusted gateway to access the digital asset and cryptocurrency economy, we have seen strong interest in the services offered by DDEx over the past year. These include our integrated fiat trading capabilities for more seamless buying and selling of cryptocurrencies, as well as the institutional-grade digital custody solutions we offer through DBS.
“Our digital asset ecosystem operates under strong regulatory frameworks and in full compliance with prevailing licensing regimes, providing our customers which further assurance and confidence when they trade with us,” he adds.
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Looking ahead, Lim says the exchange will be scaling its business to serve a larger target pool of customers, which leverages DBS’s digital asset ecosystem and deep investor base.
“We also aim to list more digital payment tokens and STOs for trading. Our sustainable growth trajectory will help grow the market for digital assets in the region, which in turn contributes to deepening Singapore’s expertise and stature as a global hub for digital assets,” he continues.
As at 9.23am, shares in DBS are trading 47 cents lower or 1.26% down at $36.73.
Photo: Bloomberg
