A crypto wallet allegedly owned by DBS Bank, a multinational banking and financial services corporation, contains more than 170,000 Ether, valued at close to $650 million.
Blockchain analytics company Nansen highlighted an Ethereum "whale" on May 30, identifying the Singaporean banking giant as the entity behind it. According to Nansen's findings, DBS Bank, one of Singapore's largest banks, is believed to own this significant crypto wallet. Nansen estimates that the wallet has generated profits of around $200 million from holding Ether.
Current Ethereum ticker prices sit at $3,743.
Investor assets could be kept in the DBS wallet
Although DBS Bank has not yet acknowledged ownership of the ETH, there have been rumors that it may have come from DBS' accredited investor digital exchange. A member of the community brought up the possibility that the ETH the wallet is holding is actually investor asset holdings rather than bank asset holdings.
DBS Bank unveiled a platform for security token offerings as well as a cryptocurrency trading and custody service in 2020. DBS Exchange stated at the time that it would provide custody services to investors but would not keep any assets.
DBS Bank emphasized that all digital assets are securely held within its infrastructure, known worldwide for its custodial services. Additionally, the bank announced its support for major cryptocurrencies, including Bitcoin (BTC), which is currently valued at $68,000, Bitcoin Cash (BCH) at $467, Ethereum Classic (ETC) at $29.82, and Ethereum (ETH).
Since its establishment, DBS Bank's cryptocurrency division has experienced notable success. In 2022, the bank reported a significant increase in Bitcoin purchases through its digital exchange, with a four-fold growth observed. Furthermore, total trading volume more than doubled in June 2022 compared to April 2022.
Volume of trading at DBS Bank skyrocketing
The bank linked the 80% increase in Bitcoin trading volume in 2023 to the 2022 cryptocurrency failures, according to DBS's study.
DBS Bank carried out its first transaction for corporate clients and introduced a digital yuan transaction tool in July 2023. DBS Bank China, a Chinese subsidiary, has declared the opening of its e-CNY merchant solution, which enables companies to accept payments in the form of central bank digital currency (CBDC).
May 2024, Cryptoniteuae