Trading Bitcoin ( cryptocurrencies) has been booming at Singapore’s DBS Bank. Volumes grew by 80% on the DBS Digital Exchange (DDEx), as a result the recent decline of cryptocurrencies, and other scandals that have plagued the industry.

DBS also saw an increase in trade. According to a report published by Finextra on February 15, DBS recorded an increase of Bitcoin and Ethereum ( ETH) in its custody of more that 100% and 60%, respectively.

DDEx also had more than twice the number of customers in 2022. It reached close to 1,200 participants as of December 31, 2022.

DBS believes that the indicators are a sign of investors’ preference for regulated and trustworthy platforms to access the market after the collapse of FTX.

DBS stores all digital assets in custody within the bank by using cold wallets that are institutionally graded. The bank also ensures compliance to all relevant AML and KYC regulations through the conduct of coin purity checks on any digital assets brought into its custody.

Lionel Lim is the Chief Executive Officer at the DBS Digital Exchange.

“We believe the market has shifted its focus to trust and stability, especially after the numerous scandals that have shaken the sector. We are a digital exchange that is regulated and backed by DBS Group. This gives us many unique advantages investors appreciate when they look for reliable ways to access the digital asset market.

DBS has had success with crypto trading

Since September’s rollout self-directed cryptocurrency trade through DBS Digibank, more than 90% transactions by wealthy customers have been conducted digitally. DDEx, which caters to accredited investors, family offices, corporate and institutional investors, will continue to be a members-only exchange.

Lim stated that in 2022 there was a growing interest from corporate clients. He also said that he was actively working to convert a lot of inquiries into STOs.

Finally, DDEx’s corporate customers expressed increased interest in Security Token Offering (STO). The exchange announced that it would be investigating origination opportunities for high quality STO listings in 2023.