With trading volumes so high, why didn’t the bull market rise as expected?
Especially those altcoins!
DBS Digital Exchange’s transaction value tripled year-on-year in the first five months of this year, with assets under custody growing by more than 80%.
DBS Bank recently stated that the value of digital payment token transactions on its digital exchange increased significantly in the first five months of 2024.
DBS Bank detailed: “The value (in Singapore dollars) of digital payment tokens traded on DBS Digital Exchange (Ddex) in the first five months of this year almost doubled compared to the same period in 2023, and the number of active trading customers grew by 36%, while digital assets under DBS custody (in Singapore dollars) soared by more than 80%.”
DBS explained that this significant growth is due to the influx of customers seeking a secure bank-grade platform for trading and custody of digital assets.
Meanwhile, the total market capitalization of cryptocurrencies has grown by approximately 50% during the same period.
