Despite the significant increase in trading volume, the anticipated bull market seems to be lagging, particularly for less credible cryptocurrencies. Notably, DBS Digital Exchange (Ddex) has experienced a substantial surge in activity, with transaction values tripling year-on-year in the first five months of 2024 and assets under custody growing by over 80%.

DBS Bank recently highlighted a significant rise in the value of digital payment token transactions on its exchange. Specifically, the value of these tokens, measured in Singapore dollars, has nearly tripled in the first five months of 2024 compared to the same period in 2023. Additionally, the number of active trading customers increased by 36%, while the digital assets under DBS custody soared by more than 80%.

DBS attributes this remarkable growth to a wave of deposits from customers seeking a secure, bank-grade platform for trading and storing their digital assets. This influx reflects the growing trust in DBS Digital Exchange's robust security and reliable services. Meanwhile, the overall cryptocurrency market capitalization has risen by approximately 50% over the same timeframe, indicating a broader market trend.

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