<img src="https://cryptoslate.com/wp-content/uploads/2024/05/dbs-ethereum.jpg” />
Blockchain analytics platform Nansen said Singapore's largest bank DBS is an ethereum whale after identifying a wallet purportedly belonging to the financial institution.
On a social network from May 30 x.com/nansen_ai/status/1796087551486554590?t=kGzC4-4yBch6XmqsALet5A&s=19″>mail, Nansen claimed that DBS has approximately 173,753 eth, valued at $648 million, at the wallet address “0x9e927c02c9eadae63f5efb0dd818943c7262fb8e.” He added that the bank had made more than $200 million from its eth holdings.
Nansen analyst Edward Wilson said:
“Nansen is 100% sure this belongs to DBS: DBS owns the private key to this wallet and these assets are likely part of their custody solution.
This is similar to how we see institutions, both crypto-native exchanges such as Binance or Coinbase custodian funds on behalf of their users as well as non-crypto-native custodian funds. The institution is the depositary and responsible for managing the security of the funds.”
50 best
Etherscan data shows that the major eth exchange would place the financial institution among the top 40 holders of the second-largest digital asset by market capitalization.
This puts it directly behind wallets owned by centralized exchanges like crypto.com and Bybit's Hot Wallet 1. Notably, DBS is the only traditional financial institution on this list, otherwise dominated by major crypto exchanges and platforms such as Binance, Robinhood, Arbitrum: Bridge. and Kraken.
According to his Wikipedia pageDBS is Southeast Asia's largest bank by assets and one of the largest banks in Asia, with assets totaling S$739 billion as of December 2023. The bank's largest and controlling shareholder is the Sovereign Wealth Fund. Singapore Wealth Bank, Temasek.
Client assets?
Members of the crypto community x.com/Eug_Ng/status/1796136230897258512″>saying DBS's ownership of eth was further evidence that institutional investors are increasingly interested in cryptocurrencies as a legitimate asset class.
However, some have speculated that the eth could belong to the bank's clients. In 2020, the bank launched a digital asset custody and cryptocurrency trading platform for security token offerings. According to your website:
“DBS Digital Exchange offers trading services between four fiat currencies (SGD, USD, HKD, JPY) and six of the most established cryptocurrencies, namely bitcoin, ethereum, bitcoin Cash, Polkadot, Cardano and XRP.”
In a recent reportDBS noted increased interest in the cryptocurrency market from retail investors, high-volume traders, and hedge funds.
