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DBS digital asset ecosystem see growing business momentum

Source: DBS

DBS announced today that its digital asset ecosystem, anchored by the DBS Digital Exchange (DDEx), has enjoyed strong business momentum since it went operational 24/7 in August this year.

In the two full months since, DDEx recorded trading volumes surpassing the total trading volume of the first eight months of the year by 40%. DBS also recorded over SGD 600 million in digital assets under custody as at the end of October, triple the amount recorded in the previous month

In a vote of confidence in DBS’ ability to provide robust end-to-end solutions across the digital asset value chain, DDEx has also seen a growing number of corporate and institutional customers among its participants.

Among the corporate and institutional customers onboarded to DDEx are established banking and financial institutions, a Central Bank, and even other digital asset exchanges. By participating in DDEx, digital asset exchanges gain round-the-clock access to a whole host of market makers trading on DDEx’s trusted platform. Digital asset exchanges also benefit from adjacent strengths in DBS’ broader digital asset ecosystem, for instance, leveraging the bank’s API solutions to provide frictionless payments and collections journeys for their own customers, or by tapping on the bank’s digital asset custody services. DDEx has onboarded over 500 participants to date.

Noting that the strong momentum that DBS has seen in its digital asset business bodes well for Singapore’s ambition to become a key player in the global cryptocurrency economy, Eng-Kwok Seat Moey, Group Head of Capital Markets and Chair of the DBS Digital Exchange, said, “Becoming a participant of DDEx opens many gateways for our customers to access the burgeoning cryptocurrency and digital asset economy. What DBS has established is a holistic ecosystem to serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody, all within a trusted and regulated bank environment. As Singapore continues to establish itself as a hub for digital asset businesses, DBS is leading the way by helping our customers capture value while staying true to our tenets of safety and security.”

DDEx was launched in December 2020, enabling corporate and institutional investors, accredited individuals, and family offices to access an integrated suite of solutions across the digital asset value chain. Since then, DBS has achieved a number of significant milestones in its digital asset ecosystem, including:

• In October, DBS Vickers, the brokerage arm of DBS Bank, became the first bank-backed brokerage to receive formal approval from the Monetary Authority of Singapore under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.

• In August, DDEx became operational round-the-clock, enabling DDEx’s participants to trade on the bourse at any time.

• In June, DDEx listed its inaugural Security Token Offering in the form of an SGD 15 million digital bond.

• In May, DBS Private Bank rolled out Asia’s first bank-backed trust solution for cryptocurrencies.

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