Blockchain analysis firm Nansen has identified DBS Bank, one of Singapore's largest banking institutions, as a cryptocurrency whale.
According to Nansen, a crypto wallet allegedly owned by DBS Bank contains 173,753 Ether (eth), valued at around $650 million at the current market price.
DBS has a profit of 200 million dollars?
Nansen's analysis claims that the address, marked on May 30, has already generated a paper profit of $200 million from its Ether holdings.
<blockquote class="twitter-tweet”>
We have identified these 650 million dollars twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$eth Whale holds 173.7 thousand eth as DBS, Singapore's largest bank with assets totaling S$739 billion as of Dec 31, 23.
This address has made over $200 million holding eth…
Track Nansen's address here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ
—Nansen (@nansen_ai) twitter.com/nansen_ai/status/1796087551486554590?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>May 30, 2024
While DBS Bank has not officially confirmed ownership of eth, one community member suggested that the assets could belong to its digital exchange, which caters to accredited investors. They x.com/kirbyongeo/status/1796099772631151060″ data-wpel-link=”external” target=”_blank”>speculated that the bank holds the eth on behalf of investors rather than as direct bank assets.
DBS Bank is no stranger to the cryptocurrency sector. It offers several services, including digital asset custody, a security token trading exchange, and a portfolio management application that integrates traditional and crypto assets.
In 2020, DBS Bank launched a cryptocurrency trading and custody service and a platform for conducting security token offerings. At the time, the bank emphasized that it would not hold any assets on the exchange but would provide custody services to investors. “All digital assets are held at DBS Bank, which is globally recognized for its custody services,” the bank stated. The services supported major cryptocurrencies including bitcoin, bitcoin Cash, ethereum Classic, and Ether.
DBS Digital Currency Initiatives
Since then, DBS Bank's crypto sector has seen significant growth. In 2022, it reported a four-fold increase in bitcoin purchases on its digital exchange, doubling total transactions between April and June 2022. In 2023, it reported an 80% increase in bitcoin trading volume, attributing this growth to market instability following the 2022 crypto crashes.
DBS has expanded its digital currency efforts beyond cryptocurrencies, participating in government-related Web3 projects in Singapore, such as Project Guardian. This initiative successfully acquired tokenized Singapore dollars using tokenized Japanese yen.
Additionally, DBS is participating in Project Orchid for government vouchers and conducted a cross-border transaction test in electronic Chinese yuan for shipments between Singapore and India.
Additionally, its Chinese subsidiary, DBS Bank China, introduced an e-CNY merchant solution for businesses to accept payments in the central bank digital currency (CBDC). The bank also offers security token trading exchanges and a portfolio management app that caters to traditional and DeFi assets.
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