DBS, a number one monetary companies group in Asia, experiences a big enhance within the buying and selling worth of digital fee tokens on its digital trade for the primary 5 months of this yr. The surge displays rising institutional curiosity in digital property as a part of different portfolios. “We’re finding out itemizing stablecoins on our trade and finding out the way to allow purchasers to earn rewards via Ethereum staking,” the chief government of the DBS digital trade acknowledged.
DBS Studies Main Enhance in Digital Cost Token Buying and selling
DBS introduced on Wednesday a big enhance within the buying and selling worth of digital fee tokens on its digital trade for the primary 5 months of 2024. DBS, a number one monetary companies group in Asia, operates in 19 markets. Headquartered and listed in Singapore, the financial institution is strategically positioned in Higher China, Southeast Asia, and South Asia, boasting “AA-” and “Aa1” credit score scores, among the many highest globally.
“The worth of digital fee tokens traded on DBS Digital Change (Ddex) within the first 5 months of this yr has practically tripled in Singapore greenback phrases, in comparison with the identical interval in 2023,” DBS detailed, including:
The variety of energetic buying and selling purchasers on Ddex grew 36%, whereas digital property custodised with DBS surged over 80% in Singapore greenback phrases.
This exceptional development was attributed to a considerable inflow of deposits from purchasers looking for safe, bank-grade platforms for buying and selling and custodied digital property, DBS defined. This surge coincided with a roughly 50% enhance within the total market capitalization of cryptocurrencies throughout the identical timeframe.
Lim Wee Kian, CEO of Ddex, shared:
Skilled traders are more and more viewing digital property as a official a part of their different portfolios.
“They require platforms that present them full security of their property, seamless entry to a complete ecosystem of digital asset companies, and the power to handle digital asset and conventional portfolios side-by-side,” the manager added.
Since its launch in December 2020 as the primary full-service digital asset trade backed by a financial institution, Ddex has been pivotal in assembly the wants of institutional and accredited traders, DBS described, including that the platform gives built-in tokenization, buying and selling, and custody options. Moreover, DBS has partnered with Paxos for money administration and stablecoin custody. Lim additional acknowledged:
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 the way to allow purchasers to earn rewards via Ethereum staking. We additionally proceed to guage appropriate safety token providing alternatives.