DBS Digital Exchange saw a significant increase in trading volume in June, a further sign of renewed investor sentiment towards cryptocurrencies.
The total number of transactions on DBS Digital Exchange (DDEx) more than doubled in June compared to April this year, according to a statement, with buy orders accounting for 90% of transactions. Compared to April 2022, the amount of ethereum purchased in June increased by 65% while the amount of bitcoin purchased quadrupled.
DBS has also seen increased demand for its custodial services, which hold digital assets separately within the bank. The amount of bitcoin and ether in custody increased by around 30% and 3%, respectively, between late April and late June.
Overall, DDEx’s customer base grew by 10% during the period.
While the bank canceled plans to expand crypto services to retail customers in April, citing regulatory concerns as a short-term hurdle, it is opening up access to its existing customer base even further.
Going forward, DBS said it is on track to roll out self-directed trading for accredited investors in the coming months.
“What we are seeing in the digital asset industry is a big reset as the investing narrative shifts decisively away from the hunt for yield. Instead, investors today are looking for safe harbors to trade and store their digital assets amid current market volatility,” said the CEO of DDeX. Lionel Lim.