A crypto wallet reportedly belonging to multinational banking and financial services company DBS Bank contains more than 170,000 Ether, worth almost $650 million.

On May 30, blockchain analytics firm Nansen flagged an Ethereum (ETH) whale as the Singaporean banking institution. According to Nansen, they identified the whale as DBS, one of the largest banks in Singapore. Nansen estimates that the crypto wallet has already made a profit of $200 million from holding Ether.

While DBS Bank has not yet confirmed whether the ETH is theirs, there is speculation that it could come from DBS’ digital exchange for accredited investors. A community member pointed out that the ETH in the wallet could be assets held on behalf of investors and not the bank assets themselves.

Although Nansen did not reveal how they obtained the information, the company said it was from a “reliable source.” Nansen analyst Edward Wilson said DBS owns the wallet’s private key and it is likely part of the company’s custody solution. Wilson explained:

“This is similar to how we see institutions, both crypto-native like exchanges like Binance or Coinbase, holding funds on behalf of their users and non-crypto-native funds. The institution is the custodian and is responsible for managing the security of the funds.”

In 2020, the bank unveiled a crypto trading and custody service and a platform for conducting security token offerings. At the time, DBS Exchange said the exchange would not hold any assets but would offer investors custody services.

“All digital assets are held at DBS Bank, which is recognized globally for its custodial services,” the bank wrote. At the time, DBS also emphasized that it would support major cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum Classic and ETH.

Since its inception, DBS Bank’s crypto division has achieved great success. In 2022, DBS reported a fourfold increase in Bitcoin purchases on the bank’s digital exchange. Total trading more than doubled in June 2022 compared to April 2022.

In 2023, DBS reported that Bitcoin trading volume had grown by 80%, which the bank attributed to the 2022 crypto crashes. In July 2023, DBS Bank launched a digital yuan transaction tool and conducted the first transaction for corporate customers. Its Chinese arm, DBS Bank China, announced the launch of its e-CNY merchant solution that enables businesses to receive payments using the central bank digital currency (CBDC).

Source: https://cryptobenelux.com/2024/05/30/singaporese-dbs-bank-hold-naar-verluidt-ruim-170-000-eth/

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