DBS’s digital exchange has $ 600 million in active digi, three times more than in September – Wired PR Lifestyle Story

Singapore’s largest bank DBS announced that its Digital Exchange (DDex) has more than $ 600 million in custody of digital assets at the end of last month. That’s three times the number recorded in September.

This is a “strong business boost” since the exchange was launched 24/7 in August this year. In the two months since it made the round clock, DDex’s trading volume has exceeded 40 percent of its total trading volume from January to August.

“Vote of Confidence”

DBS said the response is a “vote of confidence” in the bank’s ability to offer strong end-to-end solutions across the digital asset value chain. The bank said it has also seen more and more corporate and institutional customers among those involved in the exchange.

There are exchanges of banking and financial institutions, Central Bank and other digital assets established between corporate and institutional clients within DDex. The exchange also serves accredited investors and family offices.

Calling the “growing” cryptocurrency and digital asset economy, Eng-Kwok Seat Moey, head of the capital markets group and head of the DBS Digital Exchange, said: “What DBS has established is a holistic ecosystem to serve the entire digital asset value chain, on the one hand. access to tokenization, listing, trade and custody, all in a reliable and regulated banking environment. “

“As Singapore continues to establish itself as a digital asset business hub, DBS is pioneering in helping us take value from our customers while remaining true to our security and safety principles,” he said.

The highest of all time in Bitcoin

DDEx allows users to trade digital assets like Bitcoin. It has more than 500 participants to date.

The DBS update comes at a time when Bitcoin reached its highest highs on November 5 at $ 68,521.

Bitcoin sells for $ 65,795.32 today (November 15), compared to the price of $ 28,984.98 on January 1, 2021, almost three times higher.

The rapid growth of DDex

Launched in December 2020, DDex has already reached a couple of milestones in these 11 months.

In June this year, DBS digital exchange listed its initial Security Token Offer as a $ 15 million digital bond.

Last month, under the Payment Services Act, the Payment Services Act, the Payment Services Act, Payment was the first intermediary sponsored by banks to provide digital payment token services as a Central Entity.

DBS chief Piyush Gupta said the bank recently set a goal to open a blockchain-sponsored digital exchange in the retail market next year.

Featured Image Credit: Reuters