DBS Bank reports 80% increase in bitcoin trading volume
As per the reports, DBS Digital Exchange CEO Lionel Lim said that the increase in demand for bitcoin services at the firm is a result of the implosion of crypto exchanges in 2022. Lim stated that DBS continues to observe an increase in volume.
“DBS continues to benefit from the flight to safety and quality following the implosion of several exchanges last year,” he remarked.
According to the CEO, the overall number of DBS crypto clients have more than doubled in 2022 when compared to the year before. Lim added:
“Bitcoin trading volumes grew 80% at the Digital Exchange during the same period”
Tether reports $1.48B profit in Q1, reveals bitcoin and gold reserves
Stablecoin issuer Tether reported $1.48 billion in net profit for the first quarter of the year, double the previous quarter’s result, according to its latest attestation published Wednesday.
The company for the first time broke out bitcoin and gold holdings detail in its consolidated reserves report. As of March 31, Tether held $1.5 billion of bitcoin on its balance sheet — or about 2% of roughly $80 billion in reserves — and $3.4 billion of gold, or about 4% of reserves.
Tether’s dollar-pegged USDT, the largest stablecoin with an $81.8 billion supply as of May 9, has been one of the clear winners of the calamity, increasing its market capitalization by $16 billion since the start of the year, or 24% growth. Tether also issues stablecoins pegged to other currencies and gold, which represent a fraction of USDT’s market cap.
PayPal holds almost $943 million for customers
PayPal recently shared its quarterly report with the U.S. Securities and Exchange Commission (SEC), claiming $943 million in crypto. Most of it is held in BTC and ETH.
In the Q1 filing, PayPal showed a 56% increase in its crypto holdings from Q4 last year. Bitcoin was the major coin, with $499 million held, while the company also declared $362 million in ETH. PayPal allows its users to transact with these two significant cryptos, as well as Bitcoin Cash and Litecoin.
At the end of last year, PayPal only disclosed $604 million in crypto, acquiring significantly more as 2023 rolled in. Additionally, the total financial liabilities reported for Q1 were $1.2 billion, with crypto making up 77%. Another increase from last quarter — of about 10%.
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