Bitcoin Deposits to Singaporean Digital Asset Bank Doubles in 2022

• DBS saw an 80% rise in BTC trades and twice the deposits from the previous year.
• The bank’s ETH custody rose by 60%, while the traded volume increase by 65%.
• DDEx is a members-only exchange for corporate and institutional investors.

Despite the widespread turbulence that rocked the crypto industry in 2022, DBS Digital Exchange (DDEx), a leading financial services group in Asia, reported an 80% increase in Bitcoin (BTC) trades and twice the BTC deposits from the previous year.

According to an official statement from the company today, the amount of Ethereum (ETH) tokens in the bank’s digital custody rose by 60%, while the traded volume was 65% higher from 2021.

DDEx believes the positive business metrics underscore the trust investors continue to place in its digital asset ecosystem in the face of unprecedented volatility in crypto markets. Lionel Lim, CEO of the DBS Digital Exchange, said:

As a regulated digital exchange, we offer many unique advantages investors have come to appreciate as they seek reliable gateways to access the digital asset economy.

Furthermore, DBS claims to adopt the industry best practice of holding all customers’ digital assets separately within the bank using institutional-grade cold wallets. It also claims to conduct coin purity checks on all cryptocurrencies entering its custody in compliance with Anti-Money Laundering (AML) / Know Your Customer (KYC) standards.

DDEx is a members-only exchange serving corporate and institutional investors, accredited investors, and family offices. According to the company, these categories of professionals “are generally better able to manage market risks.”

Last October, DDEx listed Polkadot (DOT) and Cardano (ADA), bringing the total number of cryptocurrencies available for spot trading to six in addition to BTC, ETH, Bitcoin Cash (BCH), and XRP. Notably, the DBS Group reported net profit growth of 20% in 2022 to $6.14 billion.

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