DBS, a Singaporean multinational banking and financial services corporation, is one of the very few companies in the world that benefited significantly from large cryptocurrency crashes in 2022.
DBS Profited from Implosion of Crypto Exchanges
As per the reports, DBS Digital Exchange CEO Lionel Lim said that the increase in demand for Bitcoin services at the firm is a result of the implosion of crypto exchanges in 2022. Lim stated that DBS continues to observe an increase in volume.
“DBS continues to benefit from the flight to safety and quality following the implosion of several exchanges last year,” he remarked.
Number of Clients have Doubled in 2022
According to the CEO, the overall number of DBS crypto clients have more than doubled in 2022 when compared to the year before. Lim added:
“Bitcoin trading volumes grew 80% at the digital exchange during the same period.”
A statement from Evy Theunis, DBS Bank’s head of digital assets, explains that the banking firm has received more collaboration inquiries from digital asset and blockchain startups in the past few weeks.
FTX Implosion Drove Clients to Pursue Safer Alternatives
Particularly, prior to its demise in November 2022, FTX traded a considerable quantity of cryptocurrency from financial institutions. FTX established a specialized section to deal with institutions in March 2022.
Approximately two-thirds of trade volumes on FTX and FTX US were purportedly coming from institutional accounts at the time.
DBS to Keep a Close Watch on Market Developments
The CEO of DBS Digital Exchange anticipates little impact from the prolonged financial crisis in the United States. Lim noted:
“The collapse of the US banks has not impacted our product and service pipeline. That said, we keep a close watch on these developments and are prepared to adjust our plans if necessary.”
In terms of awareness, 91%, or a bigger share of the poll respondents, stated that they are aware of at least one digital asset.
Based on the demographic sample utilized, the Independent Reserve, Singapore’s first licenced cryptocurrency exchange, recently performed a poll in April that predicts that crypto ownership in the region has climbed to 43% in 2021. Female investors in Singapore are more optimistic about the crypto business.
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