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Singapore's biggest bank, DBS, has seen trading volume on its digital exchange boom this year.
Digital payment tokens on the DBS Digital Exchange (DDEx) in the first five months of 2024 tripled over the same period last year. Active trading clients on the exchange grew by 36% while digital assets (assets under custody) on the platform increased by 80%.
Six cryptocurrencies and tokens including Bitcoin and Ethereum are offered by DDEx to accredited and institutional investors to trade.
DDEx CEO Lim Wee Kian said professional investors are "increasingly viewing digital assets as a legitimate part of their alternative portfolios" and that the platform will expand its products for these investors.
The exchange is now looking into providing staking for its clients. "Studying listing stablecoins on our exchange and studying how to enable clients to earn rewards through Ethereum staking," Lim added.
Last week, stablecoin issuer Paxos revealed that it picked DBS as its primary banking partner, which will provide cash management and custody services for Paxos' stablecoin reserves.
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Paxos' choice of DBS is a strategic move that leverages the bank's reputation as a leader in banking innovation. "DBS is an ideal partner for Paxos as the company builds and launches cutting-edge, secure and regulated financial solutions," Paxos said.
In May, DBS denied Nansen's claims that it held $650M worth of Ethereum in its wallet, which represented a gain of $200 million.
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