In 2020, DBS Bank of Singapore launched its own digital currency trading platform, and the following year saw a sharp increase in investor activity on the site due to the bankruptcy of crypto exchanges.
According to DBS Bank CEO Lionel Lim, the annual volume of Bitcoin trading on the platform has grown by 80%.
Additionally, the amount of cryptocurrency held by customers in DBS Bank wallets has more than doubled since the last year.
This surge in user trading activity was a direct result of the crash of crypto exchanges.
Additionally, the number of crypto companies using the bank’s services has grown.