bank

DBS Bank Holds $647 Million Worth of ETH in Blockchain Address

The Big Whale

30 May 2024 — 1 min read

DBS owns 173,753 ETH worth $647 million, making $200 million profit.
Nansen identifies DBS as an ETH whale, offering crypto services since 2020.
DBS denies owning the wallet, potentially holding assets for investors.
DBS's crypto division saw significant growth in trading volume and services.
DBS supports major cryptocurrencies, including Bitcoin and Ethereum.
DBS launched a digital yuan payment solution for businesses in China.

Summary :
DBS, the largest bank in Singapore, is reportedly holding 173,753 ETH, worth $647 million, in a blockchain address. The address has already made over $200 million from its ether holdings. While DBS denies owning this position, it is speculated that the wallet could be holding assets on behalf of investors. DBS has been involved in the crypto space for some time, offering services such as digital asset custody and a trading exchange. The bank's interest in cryptocurrencies reflects the growing trend among investment banks to tokenize capital markets using Ethereum's technology.

Sources :

- Coindesk
- Decrypt
- CoinTelegraph

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