DBS’s DDEx reports over SGD 1 billion in FY2021 as crypto trading grows
It was only in August that DDEx became operational 24/7 after launching in May.
DBS has completed its first full year of operations of its digital asset ecosystem, with its members-only DBS Digital Exchange (DDEx) recording over SGD 1.1 billion in trading value in FY2021.
DDEx went operational 24/7 in August 2021 and momentum picked up quickly, with trading values in the fourth quarter coming in at close to SGD 800 million – five times higher than that in the previous quarter.
DBS’ digital assets under custody as of 31 December 2021 were more than SGD 800 million, which was four times higher than the amount recorded at the end of the third quarter.
DBS onboarded established banks and even digital asset exchanges
DDEx features a members-only exchange, where it provides other brokerages and asset houses with a safe and secure solution to access the cryptocurrency and digital payment tokens market.
Corporate, institutional, accredited investors, and family offices who bank with DBS have access to the regulated digital asset platform.
DDEx offers a wide range of end-to-end solutions across the digital value chain, including payments, settlements, secondary trading, and custody.
The digital asset exchange operated by DBS has onboarded several established banking and financial institutions, and even other crypto exchanges to its platform. DDEx is one of the world’s few digital exchanges backed by an established bank franchise.
Lionel Lim, CEO of DBS Digital Exchange, said: “With more customers searching for a trusted gateway to access the digital asset and cryptocurrency economy, we have seen strong interest in the services offered by DDEx over the past year. These include our integrated fiat trading capabilities for more seamless buying and selling of cryptocurrencies, as well as the institutional-grade digital custody solutions we offer through DBS. Our digital asset ecosystem operates under strong regulatory frameworks and in full compliance with prevailing licensing regimes, providing our customers which further assurance and confidence when they trade with us.”
“We are not resting on our laurels and in the coming year, we will be scaling our business to serve a larger target pool of customers, leveraging DBS’ digital asset ecosystem and deep investor base. We also aim to list more digital payment tokens and STOs for trading. Our sustainable growth trajectory will help grow the market for digital assets in the region, which in turn contributes to deepening Singapore’s expertise and stature as a global hub for digital assets.”
In 2021, DBS Vickers (DBSV), the brokerage arm of DBS Bank, received formal approval from the Monetary Authority of Singapore to provide digital payment token services, thus allowing to support asset managers and companies to trade in digital payment tokens through DDEx.
It was only in August that DDEx became operational 24/7 after launching in May.
