DBS Digital Exchange (DDEx) has just made a major announcement pertaining to the trading activities it has registered for cryptocurrencies.
DBS Group Holdings is the main entity behind DDEx, which reportedly owns DBS Digital Exchange, operating it as its crypto trading subsidiary.
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Information Shared by DDEx
The company has shared very promising details pertaining to the trading of Bitcoin (BTC) through its platform.
The past year was plagued with huge downtrends for the entire cryptocurrency industry. The situation was not in the hands of the cryptocurrency firms no matter how hard they tried.
The crypto firms came up with so many utilities and services for cryptocurrencies to increase their adoption but none of the efforts worked out.
The crypto market kept experiencing a downtrend and it was expected that the situation would be the same across the board.
Turns out, DDEx had something else planned out in terms of cryptocurrency trading activities. While the entire crypto market recorded a downtrend, things kept turning bullish for the trading subsidiary.
As per the officials, the firm’s crypto trading activities have surged exponentially in the past year. It was the same year when the entire market experience a downtrend but the business grew for DDEx.
80% Increase in Bitcoin Trading
As per the data shared by DDEx, which was later confirmed by Bloomberg, DDEx’s crypto trading activity grew tremendously in the year 2022.
The statistics confirm that the company’s Bitcoin trading activity surged by 80% in 2022. The trading activity being referred to here is the trading volume the exchange has recorded compared to the year 2021.
The executives at the exchange did talk about their expectations of the cryptocurrency trading volumes versus the actual stats.
They revealed that for the year 2022, they had expected that the trading volume for crypto, especially, Bitcoin trading would be extremely low.
They were not hopeful about the crypto trading volume rising in the year 2022 at all. However, the outcome was exactly the opposite of their expectations.
As per their calculations, by the end of 2022, they recorded that the Bitcoin trading volume had doubled on their exchange.
Growth for Other Crypto Assets
In addition to Bitcoin, the DBS-owned company also recorded a major boost in its trading volume for other cryptocurrencies.
The records show that for the year 2022, the Ethereum (ETH) trading volume grew at an impressive rate as well. According to the figures, the growth rate they recorded for ETH’s trading volume in 2022 was 65%.
Exchange’s Growth was Unharmed in Q2 2022
The second quarter of 2022 was one of the most shocking quarters for the cryptocurrency industry. It was the quarter when the Terra Network suffered from a major crash.
The crash that the network faced brought about the end of the network’s major currencies such as LUNC and USTC.
Fortunately, things recovered for the Terra Network by the end of the year 2022. Things started to get back on track for the entire network and its respective currencies started to gain momentum.
However, when the crash took place, it ended up causing a major collapse in the entire crypto market. Many crypto custody firms ended up filing for bankruptcy as they faced financial losses.
Despite all the chaos, DBS reported that the business its subsidiary ran kept on growing larger in terms of cryptocurrency adoption and custody.
The platform revealed back in August 2022 that its trading volumes surged in the second and third quarters despite the major upsets in the crypto market.
Increase in Employee Base
As the exchange’s business has continued growing, they have also witnessed a major uptick in its customer base. Therefore, the company had to increase its manpower to handle heavy traffics on their exchange.
The exchange has reported that in the year 2022, its customer base has increased by 1,200. Given the strong success of their business, the company officials are aiming to expand their business in the future.