DBS Digital Exchange Experiences BTC Trading Surge Amid Bearish Market

Investment holding company DBS Group Holdings Ltd. has recorded more Bitcoin (BTC) trading in the month of June than it did in the preceding two months. 

According to a Bloomberg post, the number of trades on the DBS exchange doubled in June when compared to April and May. Per the report, the volume of bitcoin purchased in June accounted for almost 90% of the trades in the second quarter.

Conversely, this is a far cry from the massive digital assets selloff which has been happening in the crypto industry. Bitcoin, the world’s largest cryptocurrency by market capitalization, and other digital assets have been experiencing a dip following a blow to the crypto industry. Meanwhile, amid these prevalent extreme market conditions, the quantity of purchased BTC on certain platforms increased.

Specifically, on the DBS members-only exchange platform, the purchase of BTC was four times higher in June when compared to April. The DBS exchange which was launched two years ago in December is supported by DBS Bank, an Asian financial service provider. DBS Digital Exchange offers the trading of different digital assets to its clients including security tokens.

TerraUSD Collapse Affects Crypto Market

The crash of the stablecoin TerraUSD in May led to the harsh fall of the prices of many other cryptocurrencies. Consequently, many of the affected crypto firms were forced into liquidation. One of such firms is Three Arrows Capital (3AC) which slipped into liquidation following the order of a court in the British Virgin Islands.

Due to the Terra collapse, some crypto firms like Celsius Network and Voyager Digital became bankrupt. They both filed for Chapter 11 bankruptcy with the United States Bankruptcy Court. Many of these digital assets firms eventually had to lay off a certain percentage of the employee to help create a balance and avoid forced liquidation. 

Considering this mayhem, many “investors today are instead seeking out safe harbors to trade and store their digital assets amid the ongoing market volatility,” CEO of DBS Digital Exchange, Lionel Lim mentioned. 

Meanwhile, DBS bank the parent company of DBS Digital Exchange has postponed its plans to offer crypto trading services to retail investors. For now, it is only serving institutional clients and family offices due to some technical issues and opposition from regulators.