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RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Tuesday, falling by 1.89 percent to $21,009.99 as of 8:35 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,579.22 falling by 1.35 percent, according to data from Coindesk.

Bitcoin sales surged at DBS Exchange despite global selloff

DBS Group Holdings saw the number of trades on its digital exchange more than double in June from two months earlier, with buys accounting for 90 percent in contrast to a massive sell-off in crypto assets globally, Bloomberg reported.

Southeast Asia’s largest lender said Bitcoin purchases on its members-only exchange in May were four times greater than in April but did not provide numbers for other months.

December 2020 marked the launch of DBS’s digital exchange, the report added.

Lionel Lim, CEO at DBS Digital Exchange, said: “Investors today are instead seeking out safe harbors to trade and store their digital assets amid the ongoing market volatility.”

Crypto giants and Wall Street back startup prime broker

A small startup that tackles counterparty risk and conflicts of interest by tackling counterparty risk is receiving backing from some of the world’s largest trading houses and cryptocurrency firms.

A $50 million funding round was completed last month by Hidden Road Partners, a prime brokerage focused on digital assets and foreign exchange, with Citadel Securities and Coinbase Global Inc. investing, Bloomberg reported.

Executives at the firm said they are now discussing providing access to trade and hedging crypto risks with hedge funds and many of the top 20 global banks.

In the wake of the crypto meltdown, influential crypto hedge funds Three Arrows Capital and Celsius Network Ltd. have filed for bankruptcy protection, highlighting the importance of managing counterparty risks.