Singapore's DBS Bank launched its own platform for transactions with digital currencies in 2020. Against the backdrop of the bankruptcy of Bitcoin exchanges in 2022, the activity of investors on the bank’s platform has sharply increased.
DBS Bank CEO Lionel Lim said year-on-year bitcoin trading volume on the platform grew by 80%.
The volume of cryptocurrency owned by bank clients and placed in DBS Bank wallets has more than doubled over the past 12 months. The surge in user trading activity occurred due to the collapse of crypto exchanges last year.
In addition, the number of crypto companies ready to use the bank’s services has increased. Evi Teunis, head of DBS Bank’s digital assets division, told reporters about this.
She recalled that while the platform was initially launched exclusively for institutional investors, now it can be used by retail traders.
