Singapore Largest Bank DBS is Holding Nearly 650 Million Dollar in ETH
DBS Bank Limited, the largest bank in Singapore, is reported to be holding over 170,000 Ether (ETH) worth nearly $650 million.
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
— Nansen 🧭 (@nansen_ai) May 30, 2024
This address has made over $200m by holding ETH... 🤯
Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ
DBS has a digital exchange for accredited investors which has been live for awhile, it’s likely ETH held on behalf of these investors and not bank investments https://t.co/8P1XDWHML3
— kirbyong.sismo.eth 🌊🏄♂️ (@kirbyongeo) May 30, 2024
According to a tweet on Thursday, on-chain analytics firm Nansen stated that it had identified a $650 million ETH Whale holding of around 173,000 ETH with the blockchain address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e, supposedly owned by DBS. Nansen estimates that the crypto wallet address above has already made a profit of over $200 million from holding Eth.
Ethereum is the most popular distributed computing platform in the world for building decentralized apps and smart contracts. Ether is the native token of Ethereum. Investment banks increasingly turn to Ethereum as their go-to technology when it comes to tokenizing capital markets.
Although DBS Bank has yet to acknowledge ownership of the ETH, there have been rumors that it may have come from DBS' accredited investor digital exchange. A social media user tweeted about the possibility that the ETH the wallet is holding is actually investor asset holdings rather than bank asset holdings.
The bank, which is not new to the cryptocurrency space, provides a number of services, such as custody for digital assets, a security token trading platform, and an app for managing portfolios containing both traditional and digital assets.
DBS Bank unveiled a platform for security token offerings as well as a cryptocurrency trading and custody service in 2020. The bank exchange stated at the time that it would provide custody services to investors but would not hold any assets. The bank's cryptocurrency division has had remarkable success since it was launched. The total number of trades more than doubled in June 2022 compared to April 2022.
Additionally, DBS has been closely associated with government-related Web3 initiatives in Singapore, such as Project Guardian, which made it possible to successfully acquire a tokenized Singapore dollar by using tokenized Japanese yen.
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