DBS Bank recently announced that the value of digital payment tokens traded on its digital exchange increased significantly in the first five months of 2024. "The value (in Singapore dollars) of digital payment tokens traded on the DBS Digital Exchange (Ddex) has almost tripled in the first five months of this year compared to the same period in 2023, the number of active trading customers has increased by 36 per cent, while digital assets held in DBS custody (in Singapore dollars) have surged by more than 80 per cent," DBS detailed. DBS explained that the significant growth was attributed to the influx of deposits from customers seeking safe bank-grade trading and custodial digital asset platforms. At the same time, the total cryptocurrency market cap increased by around 50% over the same time period.