DBS Digital Exchange (DDEx) has experienced significant growth in the first five months of 2024, with trading volume of digital payment tokens nearly tripling compared to the same period in 2023.
The number of active trading clients increased by 36%, while digital assets held by DBS surged by more than 80%.
This growth is driven by a net inflow of deposits from customers seeking a secure, bank-grade platform for storing and trading digital assets.
This surge in activity coincides with a roughly 50% increase in the overall cryptocurrency market capitalization over the same period.
DBS uses institutional-grade cold wallets to store clients’ digital assets and ensures security by isolating them from exchanges.
DDEx launched in December 2020 to provide institutional and accredited investors with a fully integrated ecosystem for tokenizing, trading, and storing digital assets. It is the first full-service bank-supported digital asset exchange.
DBS has recently chosen The company has brought on Paxos, a blockchain and tokenization infrastructure platform, as its primary banking partner for cash management and storage of its stablecoin reserves.
Lim Wee Kiang
Lim Wee Kiang, CEO DDExSaid,
“Our strong growth confirms that clients recognise that DBS delivers these value propositions, and we remain focused on expanding our product suite for professional investors entering this asset class.”
As such, we are exploring how to list a stablecoin on our exchange and/or enable our customers to earn rewards through staking Ethereum. We also continue to evaluate opportunities for suitable security token offerings.”
Featured Image Credit: Free Pick
