Bitcoin trading up 80% at DBS Bank due to crypto crashes in 2022, says exec
DBS Bank’s crypto trading platform has been attracting more institutional investors due to crypto exchanges that collapsed last year. Singapore government-owned megabank DBS is among the few companies around the world that reaped major benefits from massive cryptocurrency collapses in 2022. DBS Digital Exchange, DBS Bank’s institutional crypto trading platform, saw a significant increase in Bitcoin (BTC) trading volumes last year. According to DBS Digital Exchange CEO Lionel Lim, the number of DBS crypto clients more than doubled in 2022 compared to the previous year. “Bitcoin trading volumes grew 80% at the digital exchange during the same period,” Lim said in an interview with Cointelegraph on May 8. The executive believes that the spike in demand for crypto services at DBS Digital Exchange is a consequence of crypto exchange collapses in 2022. Lim noted that DBS continues seeing a growing trend in volumes. He stated: “DBS continues to benefit from the flight to safety and quality...