Connect with us

Bitcoin News

Southeast Asia’s Largest Bank DBS Says Trading Volumes on Its Cryptocurrency Exchange Have Increased 10 Times – Markets and Prices Bitcoin News

Published

on

Southeast Asia’s Largest Bank DBS Says Trading Volumes on Its Cryptocurrency Exchange Have Increased 10 Times – Markets and Prices Bitcoin News


DBS, Southeast Asia’s largest bank, says that cryptocurrency trading volumes on its exchange have grown 10 times to around $30 million to $40 million. The bank is also collaborating with JPMorgan on a blockchain settlement platform and plans to launch its first security token offering in the second quarter, its CEO has revealed.

DBS’ Crypto Business Sees Massive Growth

A leading financial services group headquartered in Singapore, DBS, talked about the performance of its crypto exchange during the media briefing for its first-quarter earnings results last week. DBS operates across 18 markets.

The bank launched a “digital exchange” in December last year. DBS Bank CEO Piyush Gupta explained, “Our digital exchange capabilities are much like Coinbase.” He added that “The difference is that Coinbase is mass-market retail while we have been judicious by offering this to accredited investors and institutional counterparties to start with.”

“Even with the careful expansion,” the DBS CEO emphasized:

The first-quarter numbers have been encouraging … There are $80 million in assets under custody, trading volumes have gone up 10 times to $30 million-$40 million.

“We have 120 customers with a pipeline of hundreds more,” Gupta continued, adding that “We hope to do the first security token offering in the second quarter.”

The bank said at launch that “The DBS Digital Exchange will offer exchange services between four fiat currencies (SGD, USD, HKD, JPY), and four of the most established cryptocurrencies, namely bitcoin, ether, bitcoin cash and XRP.”

The DBS CEO also explained last week that DBS has set up a technology company in collaboration with investment bank JPMorgan and Temasek “to create a platform to change the way cross-border payments and settlements work.” He explained that currently “cross-border payments and settlements are constrained by a T+2 problem,” noting that “Blockchain can change the paradigm.”

What do you think about DBS’ crypto business growth? Let us know in the comments section below.

Tags in this story
Blockchain, DBS, dbs bitcoin, dbs crypto, DBS crypto exchange, DBS crypto trading, jpmorgan, Settlement, Singapore, Southeast Asia, trading volumes

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Bitcoin News

Balancer protocol launches version 2 of its automated market maker

Published

on

Balancer protocol launches version 2 of its automated market maker



Balancer, a leading automated market maker, has launched version 2 of its protocol, promising faster speed, lower costs and improved liquidity. 

In addition to revamping the user interface, Balancer’s backend will provide more efficient routing for trades through “Protocol Vault.” The platform claims that this upgrade will reduce gas costs and produce better pricing mechanisms.

Expected gas costs are said to be 40% lower in version 2 – a figure that jumps to 53% with internal balances.

Balancer Labs, the development arm behind the AMM, also announced a partnership with DeFi protocol Gnosis to deliver an enhanced user experience to traders across price, user experience and transparency.

Automated market makers are essentially smart contracts that generate a liquidity pool of tokens, which are traded automatically through a programmable algorithm as opposed to an order book. This allows assets to be swapped automatically.

AMMs are part of the rapidly growing DeFi industry which, according to industry estimates, has grown eightfold since the start of 2021. The DeFi space has locked in more than $160 billion in assets as of Tuesday.

Balancer’s native BAL token has set multiple record highs this year on the back of positive protocol integrations, gas fee reimbursements and a surge in DeFi trading activity. Buzz surrounding a possible Coinbase listing has also contributed to BAL’s tremendous growth.

The price of BAL was little changed at $67 on Tuesday for a total market capitalization of $722 million. BAL is the 31st largest DeFi protocol by market cap, according to Coingecko.