Bitcoin buying and selling up 80% at DBS Financial institution as a consequence of crypto crashes in 2022, says exec

Singapore government-owned megabank DBS is among the many few firms around the globe that reaped main advantages from huge cryptocurrency collapses in 2022.

DBS Digital Trade, DBS Financial institution’s institutional crypto buying and selling platform, noticed a big enhance in Bitcoin (BTC) buying and selling volumes final yr. In keeping with DBS Digital Trade CEO Lionel Lim, the variety of DBS crypto purchasers greater than doubled in 2022 in comparison with the earlier yr.

“Bitcoin buying and selling volumes grew 80% on the digital trade throughout the identical interval,” Lim mentioned in an interview with Cointelegraph on Could 8.

The manager believes that the spike in demand for crypto companies at DBS Digital Trade is a consequence of crypto trade collapses in 2022. Lim famous that DBS continues seeing a rising development in volumes. He acknowledged:

“DBS continues to learn from the flight to security and high quality following the implosion of a number of exchanges final yr.”

Evy Theunis, head of digital belongings at DBS Financial institution, additionally advised Cointelegraph that DBS has seen extra cooperation enquiries from digital asset and blockchain companies in latest months.

Launched in 2020, DBS’ cryptocurrency trade serves exclusively institutional investors. Regardless of contemplating expanding services to retail customers final yr, DBS continues to be a members-only trade serving company and institutional buyers as of Could 2023, Lim famous.

FTX is among the greatest crypto exchanges that subsided in 2022. Earlier than FTX collapsed in November 2022, the platform traded a big quantity of crypto coming from institutional buyers. In March 2022, FTX launched a devoted unit working with establishments. On the time, about two-thirds of buying and selling volumes on FTX and FTX US had been reportedly coming from institutional accounts.

Whereas indicating a optimistic affect from crypto trade crashes in 2022, DBS Digital Trade CEO sees no affect coming from the ongoing banking crisis in the United States.

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“A few of our market makers sought new USD banking rails following the collapse of the crypto-friendly US banks,” Lim mentioned. Nonetheless, there was no direct affect on DBS’ crypto trade, he famous, stating:

“The collapse of the US banks has not impacted our product and repair pipeline. That mentioned, we hold an in depth watch on these developments and are ready to regulate our plans if obligatory.”

Whereas being a crypto-friendly financial institution itself, DBS just isn’t apprehensive about any dangers allegedly stemming from its crypto publicity.

“DBS doesn’t rehypothecate or commerce digital belongings in purchasers’ custody. As such, there isn’t any liquidity danger,” Lim advised Cointelegraph. “Our purchasers’ digital belongings are in custody with DBS Financial institution, separate from DBS Digital Trade,” the CEO famous.

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