Malaysian DBS megabank is one of the very few businesses in the world that benefited significantly from the 2022 collapse of the crypto market.
Bitcoin BTC tickers down $26,793 trade volumes on DBS Virtual Exchange, the DBS Bank’s institutional digital currency trading platform, which significantly increased in 2017. CEO of DBS Virtual Exchange Lionel Lim claims that compared to the prior year, in 2022, the quantity of Bitcoin BTC that DBS kept on hand for its customers more than tripled.
In an interview with a prominent source on May 8, Lim stated that Bitcoin exchanging volumes at the virtual exchange increased by 80% around the same time.
Bitcoin Trades At The DBS Bank Witness An Instant Hike Of 80%
The executive thinks that the collapse of cryptocurrency exchanges in 2022 is what caused the increase at DBS Virtual Exchange, the need for crypto services is high. According to Lim, DBS is still seeing an increase in volume. As reported by him, DBS is still benefitting from its flight quality followed by the thrust of multiple trades in the past year. According to Evy Theunis, at the Bank of virtual currency, the bank has received more requests for collaboration from blockchain and digital asset companies recently. Following the failure of the US banks that supported cryptocurrencies some of their traders went for new USD rails of banking, as Lim added. He also pointed out that the DBS crypto exchange has not been directly impacted, saying that their product pipeline wasn’t harmed by the crash of banks in America. Despite being a bank that supports cryptocurrencies, DBS thinks that its exposure to cryptocurrencies poses no liquidity issues.
“Virtual assets in clients’ custody are not rehypothecated or traded by DBS. Thus, there is not any risk of liquidity, according to Lim, who spoke to the source.
