DBS Revealed as Significant Ethereum Investor Holding 650M in ETH Nansen

DBS Makes a Splash as Major Ethereum Investor with $650M in ETH: Nansen


Ruholamin Haqshanas
Updated:
May 30, 2024 08:18 EDT
|
2 min read


DBS, the largest bank in Singapore, has been identified as a significant holder of Ether (ETH), as reported by on-chain analytics firm Nansen.
The blockchain address linked to DBS reportedly possesses 173,753 ETH, valued at around $647 million based on the current price of $3,730 per Ether.
Nansen’s data also reveals that the address has generated over $200 million in profits from its ether holdings.
Ether, the native token of the Ethereum blockchain, has gained significant popularity in recent years, making it a top choice for investment banks looking to tokenize capital markets.
DBS’s Commitment to Crypto
DBS, an established player in the crypto industry, offers a range of services, including digital asset custody, a trading exchange for security tokens, and a portfolio management app that caters to both traditional and crypto assets.
DBS’s involvement in the crypto market aligns with the growing interest from various stakeholders, including retail investors, high-frequency traders, and hedge funds, as highlighted in a recent report by the bank.
The disclosure of DBS’s significant ether holdings by Nansen comes at a time when there is anticipation for the introduction of spot ether exchange-traded funds (ETFs) in the United States, which are expected to drive institutional adoption of the cryptocurrency.
In recent years, many listed companies have turned to cryptocurrencies, particularly Bitcoin, to diversify their reserves.
Bitcoin ETFs started trading in the U.S. in January, marking a significant milestone for the industry.
Last year, DBS unveiled a digital yuan merchant collection solution for business clients, enabling mainland Chinese businesses to receive payments in the central bank digital currency.
The DBS merchant collection platform facilitates automated settlement of e-CNY into business bank deposit accounts.
The bank had also planned to launch a retail-focused crypto trading desk, but scrapped the idea amidst growing regulatory scrutiny following the collapse of FTX.
Cryptocurrency Investments on the Rise Among Financially Savvy Singaporeans
More than half of financially savvy Singaporeans have embraced cryptocurrency and view it as the future of finance.
A recent report by Seedly and Coinbase, conducted in the fourth quarter of 2023 and involving over 2,000 adults, found that 57% of respondents currently hold digital assets.
Most respondents stated that they have invested between US$1,000 and $25,000 in digital assets.
Singapore has been actively collaborating with global financial authorities in the digital currency space.
In September 2023, the Monetary Authority of Singapore (MAS) conducted a joint test of cross-border trading and settlement of wholesale central bank digital currencies in partnership with the Bank for International Settlements and the central banks of France and Switzerland.
In July, Singapore also announced plans to impose a trust requirement on cryptocurrency exchanges to build confidence in the market and safeguard investors from potential losses.
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