DBS, the largest bank in Southeast Asia by assets, announced 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. DBS revealed that customers are storing more digital assets using its institutional-grade custody solution. The number of bitcoin (BTC) under custody as of June 30 grew by about 30% since April 30 while the number of ether (ETH) under custody grew by about 3% during the same time. DBS noted that its crypto exchange’s customer base continued to grow throughout the market volatility. The Ddex exchange “registered a 10% growth in its customer base” as of June 30 as compared to April 30. Moreover, inquiries from corporate and institutional investors also remained strong.
DBS also noted that it is “on track to roll out self-directed trading for accredited investors in the coming months.” The bank launched a cryptocurrency exchange in December 2020. It then launched a trust service for cryptocurrencies in May last year, followed by the launch of its first security token offering.