DBS, the largest financial institution in Singapore, has seen buying and selling quantity on its digital change skyrocket this yr.
The worth of digital cost tokens traded on DBS Digital Alternate within the first 5 months of 2024 tripled over the identical interval in 2023, in Singapore greenback phrases, in response to a press launch shared with Decrypt. The variety of energetic buying and selling shoppers on the change grew by over a 3rd (36%), whereas digital belongings held by the platform had been up 80% over the identical interval final yr.
With skilled traders “more and more viewing digital belongings as a respectable a part of their different portfolios,” DBS Digital Alternate CEO Lim Wee Kian mentioned that the platform plans to broaden its suite of merchandise for skilled traders.
The agency is “learning itemizing stablecoins on our change and learning tips on how to allow shoppers to earn rewards by way of Ethereum staking,” he added.
Earlier this yr, the financial institution stepped in to quash stories that it was an Ethereum whale, denying claims by blockchain analytics agency Nansen that it operated a pockets holding over $650 million in ETH.
However, DBS has been one thing of an early adopter of crypto, launching its digital change in 2020, when many banks had been blocking crypto transactions, and including assist for China’s e-CNY central financial institution digital forex (CBDC) in 2023.
The financial institution’s digital change serves institutional and accredited traders and claims to be the world’s first full-service digital change backed by a financial institution.
DBS expanded its providers to supply a crypto custody service in 2021.
