Singapore bank DBS holds 650 million worth of ether? Nansen tracked the whales' wallet. Nansen believes that the crypto wallet has already earned $200 million by owning ETH.
Singapore's largest bank, DBS, has been identified as a major player in the cryptocurrency market, holding a staggering US$650 million worth of Ethereum (ETH) in its crypto wallet, Nansen's analysis has shown. A wallet associated with DBS has already made a profit of $200 million from its Ether assets.
Although DBS has not officially confirmed ownership of these assets, there is speculation that they may be owned by the bank's digital exchange serving accredited investors and managing ETH on their behalf, rather than as direct banking assets.
DBS Bank is active in the crypto space, offering services such as digital asset custody, security token trading exchange and a portfolio management application that combines traditional and crypto assets. In 2020, they launched cryptocurrency trading and custody services, highlighting their globally recognized digital asset custody services.
The bank's crypto sector saw significant growth, reporting an increase in Bitcoin purchases and trading volumes amid market fluctuations. DBS Bank has expanded beyond cryptocurrencies to include government-related Web3 projects such as Project Guardian and Project Orchid, facilitating tokenized currency transactions and e-CNY solutions.
Additionally, DBS Bank China introduced an e-CNY trading solution, demonstrating the bank's commitment to digital currency initiatives and integrating traditional finance with the rapidly evolving crypto market ecosystem.
According to cointelegraph.com
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