The largest Southeast Asian bank, DBS stated that the recent sell-off in the crypto market had proven to be beneficial for the financial institution.
The bank disclosed that July saw the trading volumes on its crypto exchange increase twofold, as opposed to numbers in April.
During this time span, there was an almost four times increase in the quantity of bitcoin that was purchased on DBS’s exchange.
On Monday, the largest bank in Southeast Asia in terms of assets announced that the volatility in the crypto market had benefitted the DBS Digital Exchange (Ddex).
Listed and headquartered in Singapore, DBS revealed that crypto investors had been looking for safety amidst the volatility in the markets.
The bank currently has a presence in about 18 countries and said that its digital asset ecosystem had benefitted from this demand for safety because of the unprecedented volatility in the market.
It added that those investors who believe that these digital assets have long-term potential have turned towards regulated and trusted platforms in order to access the crypto market.
There were a number of investors who decided to buy the dip. Therefore, the total number of trades that were executed on Ddex in the month of June was twice that of the ones executed in April.
The bank also said that 90% of the trades that had occurred on the exchange in the month of June were bought.
Ddex further said that the amount of Bitcoin that was bought on the exchange in June was about four times of the quantity bought in April.
Likewise, the amount of Ethereum (ETH) that was purchased on the exchange in June 2022 was 65% more than the amount bought in April 2022.
In addition, the bank also said that there was a greater number of users that were now using its institutional grade custody option for storing their digital assets.
As of June 30th, the number of Bitcoin (BTC) in its custody saw an increase of almost 30% from its number on April 30th.
As far as Ether is concerned, the amount of the crypto stored in the bank’s custody solution saw a rise of 3% from April to June.
It was also noted that the customer base of the exchange also saw some growth during the period of market volatility.
As of June 30th, there had been a 10% increase in its customer base from April 30th. The bank also said that there was a strong number of inquiries from institutional and corporate investors.
Lionel Lim, the chief executive of DBS Digital Exchange, said that there is a great reset in the digital asset industry because the narrative has shifted away decisively from just chasing returns.
The CEO said that because of the market volatility, investors were now looking for safe platforms for trading and storing their digital assets.
DBS also said that it was going to launch self-directed trading in the next few months for accredited investors. Its crypto exchange had been introduced in December 2020.