Nansen, a blockchain analytics firm, is firmly convinced that an ethereum controlling a whopping 173,700 eth worth over $650 million at spot rates belongs to DBS Bank, Singapore's largest bank. .
As for x, the blockchain analysis platform selected an address “0x9e927…fb8e” as belonging to the financial institution, which sparked interest and enthusiasm. Looking at EtherscanThe address is one of the largest, placing it among the 40 largest holders of the second most valuable cryptocurrency in the world.
<img decoding="async" class="size-full wp-image-302909" src="https://technicalterrence.com/wp-content/uploads/2024/05/Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png" alt="Address is one of the largest holders of eth | Source: Etherscan” width=”1024″ height=”302″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=1514 1514w, https://technicalterrence.com/wp-content/uploads/2024/05/Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=640 640w, https://technicalterrence.com/wp-content/uploads/2024/05/Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/05/Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=980 980w, https://technicalterrence.com/wp-content/uploads/2024/05/Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/05/Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” data-recalc-dims=”1″/>Address is one of the largest holders of eth | Source: Etherscan
DBS Bank stands out from the list and is on par with the major crypto exchanges, mainly Binance and Kraken. The fact that the bank is among the major players in cryptocurrencies is a great boost and support for the industry, a sphere that is still evolving. It is encouraging that with regulatory clarity, especially from US regulators, more institutions are likely to move into digital assets.
It is doubtful that the bank has eth as an investment. Last year, the bank crypto-currency” target=”_blank” rel=”noopener nofollow”>thrown out the DBS digital exchange. Through this platform, the bank allowed accredited investors to trade various digital assets, including eth. Still, there are limitations. For example, DBS Treasurys do not allow incoming or outgoing transfers of eth and other currencies. They also restrict the participation of US citizens.
However, DBS's decision to launch the exchange, leveraging its extensive experience in capital markets and custody, is bullish. It's a sign that the bank's hierarchy is comfortable with emerging asset classes like cryptocurrencies despite their inherent volatility.
For now, DBS Bank has to clarify if they control the direction and if the eth they hold is their investment. At the same time, the bank must make public whether the more than $650 million of eth belongs to the exchange. From Etherscan dataThe first transaction to the address was made 974 days ago.
<img loading="lazy" decoding="async" class="size-full wp-image-302905" src="https://technicalterrence.com/wp-content/uploads/2024/05/1717111121_709_Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png" alt="Last eth transfer made in 974 days | Source: Etherscan” width=”1024″ height=”331″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/1717111121_709_Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=1264 1264w, https://technicalterrence.com/wp-content/uploads/2024/05/1717111121_709_Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=640 640w, https://technicalterrence.com/wp-content/uploads/2024/05/1717111121_709_Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/05/1717111121_709_Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=980 980w, https://technicalterrence.com/wp-content/uploads/2024/05/1717111121_709_Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/05/1717111121_709_Singapore39s-Largest-Bank-Reportedly-Holds-Over-650-Million-of-ETH.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” data-recalc-dims=”1″/>Last eth transfer made in 974 days | Source: Etherscan
Singapore is a big crypto player in the Asia-Pacific region
According to Statista, Singapore theater plays a leading role in promoting cryptocurrencies in the Asia-Pacific region. In 2023 alone, there were 88 deals that helped raise over $625 million for multiple crypto companies. Through favorable government policies and their adoption, Singapore wants to strengthen its position as a leading pro-crypto hub amid growing competition from Hong Kong.
x/8pIsX4CK/” rel=”nofollow noopener” target=”_blank”>x/8pIsX4CK/” alt=”ethereum price is in an uptrend on the daily chart | Source: ETHUSDT on Binance, TradingView” width=”1787″ height=”904″/>ethereum price is in an uptrend on the daily chart | Fountain: x/8pIsX4CK/” target=”_blank” rel=”noopener nofollow”>ETHUSDT on Binance, TradingView
At the beginning of April, Singapore tight anti-money laundering measures for crypto companies. The Monetary Authority of Singapore (MAS), the city-state's regulator, said it was changing financial regulations.
The changes made to the Payment Services Act will now allow the regulator to bypass, among other things, custody of digital assets and cross-border payments.
