Turnover on DBS’s institutional crypto platform doubles

The DDEx, linked to Singapore’s largest bank, reported that crypto transactions doubled in June compared with April. The report comes from Finews Asia.

Of all orders placed during the period, 90% were related to opening long positions.

Ethereum purchases rose by 65%, Bitcoin fourfold. The number of coins held in custody rose by 30% and 3%, respectively.

The total number of clients on the platform geared to institutional and professional investors rose by 10%.

DBS moved to year-end its plan to предоставлению доступа to DDEx for retail clients due to regulatory uncertainty. In the coming months, an exemption for accredited investors could be considered.

“We are witnessing a major reset — investors are shifting focus from chasing yields to seeking safe havens for trading and storing digital assets amid market volatility,” said Lionel Lim, CEO of DDEx.

Earlier this year, the institution launched a Bitcoin exchange for institutional clients. ForkLog reported such plans in October 2020.

In August 2021, DBS Bank notified that the Monetary Authority of Singapore had granted an “in-principle” approval to asset managers and firms to provide cryptocurrency services.

Last year the bank placed on its digital platform security tokens worth SG$15 million ($11.3 million).

Follow ForkLog’s Bitcoin news on our Telegram channel — cryptocurrency news, prices and analytics.