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DBS Group
Holdings, an funding holding firm from Singapore, introduced on Wednesday
that its DBS Digital Change (DDEx) crypto trade Bitcoin (BTC) buying and selling
volumes rose 80% year-over-year (YoY). Moreover, the variety of tokens held
in custody elevated twofold.
The press
launch additionally acknowledged that Ethereum (ETH) buying and selling volumes rose, reaching a 65%
YoY progress. The trade didn’t present actual greenback figures for quantity, however they
are just like figures from a yr in the past resulting from substantial worth declines for
main digital property in 2022. Over the course of 2022, bitcoin misplaced virtually 70%,
beginning the yr at $46,000 and ending under $17,000.
“The
market has decisively shifted its focus in the direction of belief and stability, particularly
within the wake of a number of scandals which have rocked the trade,” Lionel
Lim, the CEO of the DBS Digital Change, commented.
Lim was
referring to the collapse of the Terra ecosystem in Might and the collapse of the cryptocurrency trade FTX in November. The platform he represents benefited
from the truth that digital property traders had been on the lookout for a protected platform the place
may proceed to commerce within the face of heightened volatility.
Maintain Studying
Two Years of DDEx Development
DBS, the
largest lender in Southeast Asia, determined to arrange its digital property buying and selling
platform comparatively early in comparison with different conventional finance giants. DDEx
began its operation in late 2020, aiming at institutional and ‘elite’ retail
traders. It was one of many first cryptocurrency exchanges on the earth to be 100%
created and managed by a conventional financial institution.
Betting on the
continued progress of its crypto trade, DBS mentioned this week that it plans to
apply for a license to permit it to supply cryptocurrencies to Hong Kong
prospects.
“We
are planning to use for a licence in Hong Kong in order that the financial institution may promote
digital property to our Hong Kong prospects,” Sebastian Paredes, the CEO of
the Hong Kong’s DBS Financial institution, commented on Monday’s press briefing.
The transfer
comes as Hong Kong takes steps to draw extra cryptocurrency companies in a bid to
develop into a regional crypto hub. As native rules develop into clear, DBS
needs to develop into one of many banks enthusiastic about collectively constructing a brand new foothold
within the digital asset trade.
The
establishment has been engaged on growing security-token choices (STOs), however
has determined to postpone them in the interim as a result of present
macroeconomic uncertainties and disaster within the trade. Nonetheless, it intends to
resume work on STO listings later this yr.
Watch the current FMLS22 panel titled “To Crypto or To not Crypto: Will Crypto Fizzle Out of Right here to Keep?”
DBS Bets on Crypto and
Blockchain Business
Earlier than
launching its personal cryptocurrency trade, DBS had already been concerned in
digital asset tasks and blockchain expertise. In Might 2020, it grew to become the
first financial institution from Singapore to hitch the Contour trade-finance blockchain community,
which is constructed on R3’s Corda.
A yr
later, the financial institution partnered with JPMorgan and Temasek to launch a blockchain-based
cross-border funds platform. In the identical yr, it started issuing blockchain
bonds known as DBS Digital Bonds.
In early
2022, DBS introduced its plans to increase its current trade providing to
retail traders. The transfer was alleged to happen by the top of final yr,
however has been placed on maintain as a result of beforehand talked about turmoil.
DBS Group
Holdings, an funding holding firm from Singapore, introduced on Wednesday
that its DBS Digital Change (DDEx) crypto trade Bitcoin (BTC) buying and selling
volumes rose 80% year-over-year (YoY). Moreover, the variety of tokens held
in custody elevated twofold.
The press
launch additionally acknowledged that Ethereum (ETH) buying and selling volumes rose, reaching a 65%
YoY progress. The trade didn’t present actual greenback figures for quantity, however they
are just like figures from a yr in the past resulting from substantial worth declines for
main digital property in 2022. Over the course of 2022, bitcoin misplaced virtually 70%,
beginning the yr at $46,000 and ending under $17,000.
“The
market has decisively shifted its focus in the direction of belief and stability, particularly
within the wake of a number of scandals which have rocked the trade,” Lionel
Lim, the CEO of the DBS Digital Change, commented.
Lim was
referring to the collapse of the Terra ecosystem in Might and the collapse of the cryptocurrency trade FTX in November. The platform he represents benefited
from the truth that digital property traders had been on the lookout for a protected platform the place
may proceed to commerce within the face of heightened volatility.
Maintain Studying
Two Years of DDEx Development
DBS, the
largest lender in Southeast Asia, determined to arrange its digital property buying and selling
platform comparatively early in comparison with different conventional finance giants. DDEx
began its operation in late 2020, aiming at institutional and ‘elite’ retail
traders. It was one of many first cryptocurrency exchanges on the earth to be 100%
created and managed by a conventional financial institution.
Betting on the
continued progress of its crypto trade, DBS mentioned this week that it plans to
apply for a license to permit it to supply cryptocurrencies to Hong Kong
prospects.
“We
are planning to use for a licence in Hong Kong in order that the financial institution may promote
digital property to our Hong Kong prospects,” Sebastian Paredes, the CEO of
the Hong Kong’s DBS Financial institution, commented on Monday’s press briefing.
The transfer
comes as Hong Kong takes steps to draw extra cryptocurrency companies in a bid to
develop into a regional crypto hub. As native rules develop into clear, DBS
needs to develop into one of many banks enthusiastic about collectively constructing a brand new foothold
within the digital asset trade.
The
establishment has been engaged on growing security-token choices (STOs), however
has determined to postpone them in the interim as a result of present
macroeconomic uncertainties and disaster within the trade. Nonetheless, it intends to
resume work on STO listings later this yr.
Watch the current FMLS22 panel titled “To Crypto or To not Crypto: Will Crypto Fizzle Out of Right here to Keep?”
DBS Bets on Crypto and
Blockchain Business
Earlier than
launching its personal cryptocurrency trade, DBS had already been concerned in
digital asset tasks and blockchain expertise. In Might 2020, it grew to become the
first financial institution from Singapore to hitch the Contour trade-finance blockchain community,
which is constructed on R3’s Corda.
A yr
later, the financial institution partnered with JPMorgan and Temasek to launch a blockchain-based
cross-border funds platform. In the identical yr, it started issuing blockchain
bonds known as DBS Digital Bonds.
In early
2022, DBS introduced its plans to increase its current trade providing to
retail traders. The transfer was alleged to happen by the top of final yr,
however has been placed on maintain as a result of beforehand talked about turmoil.
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