DBS, Singapore’s largest bank, has been identified as a major holder of Ether (ETH), according to on-chain analytics firm Nansen.
The blockchain address associated with DBS reportedly holds 173,753 ETH, valued at approximately $647 million at the current price of $3,730 per Ether.
Nansen’s data also indicates that the address has generated over $200 million in profit from its ether holdings.
As the native token of the Ethereum blockchain, Ether has gained considerable traction in recent years, becoming a preferred choice for investment banks to tokenize capital markets.
We’ve identified this $650m $ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of 31 Dec’23
This address has made over $200m by holding ETH…
Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ
— Nansen (@nansen_ai) May 30, 2024
DBS Remains Involved in Crypto
DBS, already well-versed in the crypto sector, offers a range of services, including digital asset custody, a trading exchange for security tokens, and a portfolio management app catering to both traditional and crypto assets.
DBS’s involvement in the crypto market aligns with a growing interest from various players, including retail investors, high-frequency traders, and hedge funds, as highlighted in a recent report by the bank.
The revelation of DBS’s substantial ether holdings by Nansen arrives at a time when anticipation is building for the introduction of spot ether exchange-traded funds (ETFs) in the United States, which are expected to foster greater institutional adoption of the cryptocurrency.
In recent years, several listed companies have turned to cryptocurrencies, particularly Bitcoin, as a means of diversifying their reserves.
Bitcoin ETFs commenced trading in the U.S. in January, marking a significant milestone for the industry.
Last year, DBS announced the launch of a digital yuan merchant collection solution for business clients, which allows allow mainland Chinese businesses to receive payments in the central bank digital currency.
The DBS merchant collection platform allows businesses automated settlement of e-CNY into their bank deposit accounts.
The bank also intended to launch a retail-focused crypto trading desk, but surrendered the plan amid growing regulatory scrutiny following the collapse of FTX.
Finance-Savvy Singaporeans Invest in Crypto
More than half of finance-savvy Singaporeans have embraced cryptocurrency and consider it the future of finance.
A recent report by Seedly and Coinbase, conducted in the fourth quarter of 2023 and encompassing over 2,000 adults, found that 57% of respondents currently hold digital assets.
The majority of respondents said they have invested between US$1,000 and $25,000.
Singapore has been actively engaging with global financial authorities in the realm of digital currencies.
In September 2023, the Monetary Authority of Singapore (MAS) completed a joint test of cross-border trading and settlement of wholesale central bank digital currencies in collaboration with the Bank for International Settlements and the central banks of France and Switzerland.
Back in July, Singapore also revealed plans to impose a trust requirement on cryptocurrency exchanges in a bid to instill confidence in the market and protect investors from potential losses.
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