DBS digital asset ecosystem and DBS Digital Exchange benefit from flight to safety amid market volatility

Singapore.23 Aug 2022

Number of trades executed on DBS Digital Exchange (DDEx) doubled in June 2022

Bank’s digital asset custody business continues to see robust growth

Singapore, 23 Aug 2022 - With the digital asset industry experiencing unprecedented volatility, investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market. DBS’ digital asset ecosystem has been a beneficiary of this flight to safety as it reported resilience in key business metrics in June 2022 as compared to April 2022, when volatility in cryptocurrency markets started increasing:

• Customers entering the market amid attractive valuations are choosing to do so through DDEx
. With investors picking up buying opportunities, DBS noted that the total number of trades executed on DDEx in June 2022 was more than double that of April 2022. Buys accounted for over 90% of trades on DDEx in June 2022.

The quantity of BTC bought on DDEx in June 2022 was nearly four times that of April 2022. Similarly, the quantity of ETH bought on DDEx in June 2022 was 65% higher than that of April 2022.

• Customers are parking more digital assets with DBS’ institutional-grade custody solution. The number of BTC under custody as of 30 June 2022 grew by about 30% since 30 April 2022, while the number of ETH under custody grew by about 3% during the same time period.

To better protect customers, DBS holds all digital assets separately within the bank itself, leveraging the bank’s decades of expertise in providing secure custodial services for different asset classes. DBS conducts coin purity checks on all digital assets entering its custody, and the bank fully complies with all prevailing AML/KYC standards.

• DDEx’s customer base continued to grow throughout the market volatility
. The exchange registered a 10% growth in its customer base as of 30 June 2022 as compared to 30 April 2022. Reverse inquiries from corporate and institutional investors also remained strong.

DDEx continues to be a members-only exchange serving corporate and institutional investors, accredited investors and family offices, who are generally better able to manage the market risks.

Lionel Lim, CEO of DBS Digital Exchange, said, “What we are seeing in the digital asset industry is a great reset as the investment narrative shifts decisively away from the chase for yield. Investors today are instead seeking out safe harbours to trade and store their digital assets amid the ongoing market volatility. We believe that DDEx, as a regulated digital exchange backed by the DBS Group, and our broader digital asset ecosystem are well-poised to benefit from this shift as we continue to offer our customers a trusted and reliable gateway to the digital asset economy.”

Going forward, DDEx is on track to roll out self-directed trading for accredited investors in the coming months, affording them greater control over their digital asset portfolios.


About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 13 consecutive years from 2009 to 2021.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visitwww.dbs.com.