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Singapore’s DDEx Eyes Security Token Offerings, Mulls Adding More Cryptocurrencies

DBS Digital Exchange, one of Asia’s first bank-backed cryptocurrency exchanges, last month reported an 80% surge in Bitcoin trading volume in 2022 from the prior year. The exchange, known as DDEx, said Bitcoin it held in custody had doubled and Ether tokens in its custody rose 60%. 

DDEx declined to elaborate on what that equated to in trading fees or the actual amount of Bitcoin and Ether in custody. The exchange said its customer numbers doubled to 1,200.

In an email interview with Forkast’s Pradipta Mukherjee, DDEx’s chief executive Lionel Lim said investors are no longer blindly chasing yields after the collapse of crypto exchanges and lending platforms last year. Instead, they are seeking safe, regulated platforms to access the cryptocurrency market and DDEx has been a beneficiary.

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