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The Development Bank of Singapore (DBS) revealed that its crypto trading volume rose by around ten times since its digital exchange business was launched. The bank also noted that there is high interest in cryptocurrency trading and digital custody capability.
DBS, the largest bank in Southeast Asia, revealed that its crypto trading volumes rose to between $30 million to $40 million, according to Bitcoin.com. This represents around a 10-fold increase in volumes since its digital exchange platform in December last year.
The Singapore-based bank revealed the performance of its crypto exchange business during its first-quarter earnings results media last week. DBS compared its crypto-related offerings as something similar to that of Coinbase, the difference being only in their target market segment.
“Our digital exchange capabilities are much like Coinbase,” DBS CEO Piyush Gupta said. “The difference is that Coinbase is mass-market retail while we have been judicious by offering this to accredited investors and institutional counterparties to start with.”
The bank also added that its crypto assets under management have grown to $80 million. “The first-quarter numbers have been encouraging…,” Gupta said. “There are $80 million in assets under custody, trading volumes have gone up 10 times to $30 million - $40 million.”
At the moment, DBS only has around 120 clients. However, the bank expects more to onboard more given the strong demand.
“We have 120 customers with a pipeline of hundreds more,” Gupta added. “We hope to do the first security token offering in the second quarter.”
The CEO also shared his optimism on the digital exchange’s potential growth. “I do think given the amount of interest in all the four cryptos that we trade now, that interest is quite high,” he said, according to VulcanPost.com. “And therefore, I do think it will pick up. But whether it picks up to tens of millions, or hundreds of millions of income over the next few years, it’s hard to say.” The DBS Digital Exchange supports Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and XRP.
