DBS’s DDEx reports over SGD 1 billion in FY2021 as crypto trading grows

Rick Steves

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.

Read this next

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

<