DBS Digital Exchange Achieves Over SGD 1 Billion in Trading Volume in Its First Year of Operation
In a significant milestone for digital asset trading, DDEx, the digital exchange operated by DBS Bank, has reported a strong first year in operation. The exchange, headed by CEO Lionel Lim, has seen a surge in interest from both established banking and financial institutions, as well as other digital asset exchanges.
The CEO's statement highlights the appeal of DDEx's integrated fiat trading capabilities, which offer seamless cryptocurrency buying and selling, and its institutional-grade digital custody solutions provided through DBS.
Over the past year, DDEx has onboarded a diverse range of partners, a testament to its growing popularity. The exchange's operations are powered by the digital asset ecosystem and deep investor base of DBS.
Tan Su Shan, the CEO of DBS Digital Exchange and Deputy CEO and CEO-designate of DBS, has observed a significant increase in trading volume and DBS digital assets on DDEx in 2021. This increase is evident in the trading values, which came in at close to SGD 800 million in the fourth quarter, five times higher than that in the previous quarter.
Moreover, DBS' digital assets under custody have more than quadrupled, reaching over SGD 800 million, a fourfold increase from the end of the third quarter.
DDEx's success can also be attributed to its attractive offerings for corporate and institutional customers. With an integrated suite of end-to-end solutions across the digital value chain, the exchange has managed to attract a wide range of DBS' clients.
DDEx operates on a membership-only business model, providing secure access to the cryptocurrency and digital payment tokens market for brokerages and asset houses. Looking ahead, DDEx aims to list more digital payment tokens and Security Token Offerings (STOs) for trading.
The exchange went operational 24/7 in August 2021, and its momentum picked up significantly after this. As a result, DDEx recorded over SGD 1.1 billion in trading value in its first full year of operations.
With its robust infrastructure, growing client base, and ambitious plans for the future, DDEx is poised to continue its impressive growth in the digital asset trading landscape.
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