Singapore’s DBS Bank Holding $650 mn Ethereum: Nansen Data
DBS Bank, a Singaporean banking institution, has been identified as holding over 170,000 Ether, worth nearly $650 million according to a recent report by Nansen Data. Blockchain analysis firm Nansen has flagged the wallet as one of the largest banks in Singapore. The wallet has already made a profit of $200 million from holding Ether. Some speculate that the ETH held by the wallet could be assets held on behalf of investors, not bank assets.
DBS Bank’s crypto division has achieved success since its inception, with a four-fold growth in Bitcoin buys on the bank’s digital exchange in 2022 and an 80% increase in Bitcoin trading volume in 2023. In July 2023, DBS Bank launched a digital yuan transaction tool and conducted its first transaction for corporate clients.
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