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HomeBTCDBS Bank says global market crash significantly increase its bitcoin trading

DBS Bank says global market crash significantly increase its bitcoin trading

DBS Group Holdings announced that Bitcoin trading had increased by more than double in June compared to the past two months.

DBS bank reported that Bitcoin trading on its digital exchange has more than doubled in June compared to the two preceding months on 23 August. The international bank stated that despite a significant global decline in the value of cryptocurrencies, its purchases of Bitcoin accounted for 90% of all crypto trading operations.

The largest lender in Southeast Asia said that four times as much Bitcoin was bought on the members-only market this month as compared to April. DBS, however, omitted statistics for further months. According to Lionel Lim, CEO of DBS Digital Exchange, 

“Investors are now looking for safe harbours to trade and store their digital assets in light of the continuous market volatility.”

Since May, when the collapse of Terra Luna stablecoin resulted in a wave of industrial liquidations, bankruptcies, and layoffs, cryptocurrency values have fallen precipitously. The largest bank in Singapore, DBS, has seen significant growth in its digital exchange, which caters to family offices and institutional investors. DBS Bank made ambitions to broaden its crypto exchange outside its present institutional investor base in February. The bank stated that it will concentrate on growing the scope of its crypto exchange activities in 2022, but it made a suggestion that it would not be able to provide trading in digital assets to regular investors.

Since May, when the collapse of Terra Luna stablecoin resulted in a wave of industrial liquidations, bankruptcies, and layoffs, crypto values have fallen precipitously. The largest bank in Singapore, DBS, has seen significant growth in its digital exchange, which caters to family offices and institutional investors. DBS Bank made ambitions to broaden its crypto exchange outside its present institutional investor base in February.

The bank delayed its intentions to make crypto trading available to individual clients due to technological difficulties and regulatory opposition. The digital exchange was introduced by DBS in December 2020. Singapore touts itself as Asia’s natural home for cryptocurrencies, yet it has consistently sent conflicting signals about how it feels about the digital currency firms it has supported.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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