A recent statement released by DBS claimed that it had significantly benefited from the recent crypto market sell-off. It also added that the trading volume over their crypto exchange doubled the previous month compared to June. The percentage of bitcoin purchases over their platform increased by 400 percent during this period. This shows how much investors have been keen on buying the dip and that interest in this industry hasn’t faded away.
DBS Crypto investors bought in the dip market
Recently, DBS announced that its digital exchange, popularly known as Ddex, highly benefited from the recent dip in the market as its investors sought safety amid market volatility.Â
DBS also said that its asset ecosystem had enjoyed tremendous benefits due to the recent volatility of the crypto market. In explanation for their statement, DBS said that their customers had invested hugely in the market during the dip. And the trades that occurred using their platforms the previous month were even more than double of April, increasing their profits. DBS also added that 90 percent of trades over their platform were accounted for buys.
DBS reported that their crypto customers are now storing more digital assets like cryptocurrencies using their solutions. The total number of Bitcoin under them has increased by around 30 percent during the market dip. In comparison, the amount of Ethereum increased by 3 percent in this particular period which was unexpected. So, investors are acquiring more Bitcoins as compared to Ethereum.Â
More on DBS
DBS launched its digital exchange platform in December 2020, which has been a great success. The bank also stated that its customer base had continuously grown throughout this period. Its digital platform had seen a growth rate of 10 percent in its customer base.Â
On the other side, DBS exchange’s CEO, Mr. Lim, stated that they see the digital or crypto industry as a great reset because of the shifts in the investment narrative among the masses. DBS also announced that they plan to roll out their self-directed trading tools for the upcoming new investors. The bank sees it as their future.
What are your thoughts as DBS claimed that it significantly benefited from the crypto market sell-off? Will it be able to be successful as crypto or digital exchange? Let us know in the comment below. And, if you found our content informative, share it with your friends and family.
Also Read: Iranian authorities seized nearly 10,000 crypto mining devices since March.
