DBS Digital Exchange crosses the billion-dollar mark in trading

DBS Digital Exchange crossed the billion-dollar mark in trading value in its first full year of operations. The bank‘s digital asset business saw a marked increase in momentum after DDEx went operational 24/7 in August 2021. Lionel Lim, CEO of DBS Digital Exchange, shared that there has been strong interest in the services offered by DDEx, including integrated fiat trading capabilities for more seamless buying and selling of cryptocurrencies and institutional-grade digital custody solutions. The digital asset ecosystem operates under strong regulatory frameworks and is in full compliance with prevailing licensing regimes, providing customers with further assurance and confidence. DBS aims to scale its business to serve a larger target pool of customers, leveraging its digital asset ecosystem and deep investor base and plans to list more digital payment tokens and Security Token Offerings (STOs) for trading. Throughout 2021, DBS marked several significant milestones in its digital asset ecosystem, including DBS Vickers becoming the first bank-backed brokerage to receive formal approval from the Monetary Authority of Singapore to provide digital payment token services as a Major Payment Institution, DDEx becoming operational round-the-clock, the listing of its inaugural Security Token Offering in the form of an SGD 15 million digital bond, and the rollout of Asia’s first bank-backed trust solution for cryptocurrencies.