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DBS Group Holdings, an investment holding company from Singapore, announced on Wednesday that crypto exchange DBS Digital Exchange (DDEx) Bitcoins
Bitcoins While some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin works, one thing is certain: Bitcoin has changed the world. In fact, we have come a long way since Laszlo Hanyecz, a resident of Florida, made the first official commercial transaction of BTC with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s. One could now argue that While some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin works, one thing is certain: Bitcoin has changed the world. In fact, we have come a long way since Laszlo Hanyecz, a resident of Florida, made the first official commercial transaction of BTC with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s. One could now argue that
Moreover, the press release stated that the trading volume of Ethereum (ETH) was up, achieving 65% YoY growth. The exchange doesn’t provide exact dollar figures for volume, but they are similar to figures from last year due to a substantial price drop for the major digital asset in 2022. During 2022, bitcoin lost nearly 70%, starting the year at $46,000 and ending below $17,000.
“The market has decisively shifted its focus towards trust and stability, especially after the various scandals that rocked the industry,” Lionel Lim, CEO of DBS Digital Exchange, commented.
Lim was referring to the collapse of the Terra ecosystem in May and the collapse of cryptocurrency exchange FTX in November. The platform he represents benefits from the fact that digital asset investors are looking for a safe platform where they can continue to trade in the face of increased volatility.
Two Years of DDex Growth
DBS, Southeast Asia’s largest lender, decided to set up its digital asset trading platform relatively early compared to other traditional financial giants. DDEx commenced operations in late 2020, targeting institutional and ‘elite’ retail investors. It was one of the first cryptocurrency exchanges in the world that was 100% created and managed by traditional banks.
Betting on the continued growth of its crypto exchange, DBS said this week that it plans to apply for a license to allow it to offer cryptocurrencies to Hong Kong customers.
“We are planning to apply for a license in Hong Kong so that banks can sell digital assets to our customers in Hong Kong,” Sebastian Paredes, CEO of DBS Bank Hong Kong, commented on Monday’s press conference.
The move comes as Hong Kong takes steps to attract more cryptocurrency companies in a bid to become a regional crypto hub. As local regulations become transparent, DBS wants to be one of the banks interested in establishing a new foothold in the digital asset industry together.
This institute has been working on development security tokens offering (STO), but has decided to postpone it for the time being due to the current macroeconomic uncertainty and crisis in the industry. However, the company intends to resume STO listing work later this year.
Watch the recent FMLS22 panel entitled “To Crypto or Not to Crypto: Will Crypto Fizzle Out of Here to Stay?”
DBS Betting on the Crypto and Blockchain Industry
Prior to launching its own cryptocurrency exchange, DBS has been involved in digital asset projects and blockchain technology. In May 2020, it became the first bank from Singapore to join Contour’s trade finance blockchain network, which is built on top of Corda R3.
A year later, the bank partnered with JPMorgan and Temasek to launch a blockchain-based cross-border payment platform. In the same year, it started issuing blockchain bonds called DBS Digital Bonds.
In early 2022, DBS announced its plans to expand its existing exchange offering to retail investors. The move was supposed to be made at the end of last year but was postponed due to the aforementioned turmoil.
DBS Group Holdings, an investment holding company from Singapore, announced on Wednesday that crypto exchange DBS Digital Exchange (DDEx) Bitcoins (BTC) trading volume is up 80% year over year (YoY). In addition, the number of tokens held has doubled.
Moreover, the press release stated that the trading volume of Ethereum (ETH) was up, achieving 65% YoY growth. The exchange doesn’t provide exact dollar figures for volume, but they are similar to figures from last year due to a substantial price drop for the major digital asset in 2022. During 2022, bitcoin lost nearly 70%, starting the year at $46,000 and ending below $17,000.
“The market has decisively shifted its focus towards trust and stability, especially after the various scandals that rocked the industry,” Lionel Lim, CEO of DBS Digital Exchange, commented.
Lim was referring to the collapse of the Terra ecosystem in May and the collapse of cryptocurrency exchange FTX in November. The platform he represents benefits from the fact that digital asset investors are looking for a safe platform where they can continue to trade in the face of increased volatility.
Two Years of DDex Growth
DBS, Southeast Asia’s largest lender, decided to set up its digital asset trading platform relatively early compared to other traditional financial giants. DDEx commenced operations in late 2020, targeting institutional and ‘elite’ retail investors. It was one of the first cryptocurrency exchanges in the world that was 100% created and managed by traditional banks.
Betting on the continued growth of its crypto exchange, DBS said this week that it plans to apply for a license to allow it to offer cryptocurrencies to Hong Kong customers.
“We are planning to apply for a license in Hong Kong so that banks can sell digital assets to our customers in Hong Kong,” Sebastian Paredes, CEO of DBS Bank Hong Kong, commented on Monday’s press conference.
The move comes as Hong Kong takes steps to attract more cryptocurrency companies in a bid to become a regional crypto hub. As local regulations become transparent, DBS wants to be one of the banks interested in establishing a new foothold in the digital asset industry together.
This institute has been working on development security tokens offering (STO), but has decided to postpone it for the time being due to the current macroeconomic uncertainty and crisis in the industry. However, the company intends to resume STO listing work later this year.
Watch the recent FMLS22 panel entitled “To Crypto or Not to Crypto: Will Crypto Fizzle Out of Here to Stay?”
DBS Betting on the Crypto and Blockchain Industry
Prior to launching its own cryptocurrency exchange, DBS has been involved in digital asset projects and blockchain technology. In May 2020, it became the first bank from Singapore to join Contour’s trade finance blockchain network, which is built on top of Corda R3.
A year later, the bank partnered with JPMorgan and Temasek to launch a blockchain-based cross-border payments platform. In the same year, it started issuing blockchain bonds called DBS Digital Bonds.
In early 2022, DBS announced its plans to expand its existing exchange offering to retail investors. The move was supposed to be made at the end of last year but was postponed due to the aforementioned turmoil.
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