Update: As of May 30, DBS Bank, a multinational banking and financial services company, is rumored to possess a crypto wallet containing more than 170,000 Ether, valued at approximately $650 million. This revelation was made by blockchain analysis firm Nansen, which identified the wallet as belonging to DBS, one of Singapore’s largest banks. Nansen estimates that the wallet has already generated $200 million in profits from holding Ether.
However, DBS denies these claims. A spokesperson from the bank stated that they do not have the mentioned position. When asked about the bank’s digital exchange or custody solutions having access to the wallet’s private keys, the spokesperson declined to comment.
While DBS Bank has not confirmed ownership of the ETH, some speculate that it could be assets held on behalf of investors through DBS’ digital exchange for accredited investors.
It is unclear how Nansen obtained this information, but they have assured that it came from a reliable source. Nansen analyst Edward Wilson believes that DBS owns the private key to the wallet and suggests that it is likely part of the bank’s custody solution.
In 2020, DBS Bank introduced a crypto trading and custody service, along with a platform for security token offerings. The bank stated that it would not hold any assets on the exchange but would provide custody services to investors. DBS Bank emphasized that all digital assets would be kept within its globally recognized custodial services. They also announced support for major cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum Classic, and Ether.
DBS Bank’s crypto division has experienced significant growth since its establishment. In 2022, the bank reported a four-fold increase in Bitcoin purchases on its digital exchange, with total trades more than doubling in June compared to April. In 2023, the bank attributed an 80% growth in Bitcoin trading volume to the crypto collapses of the previous year.
In July 2023, DBS Bank launched a digital yuan transaction tool and completed its first transaction for corporate clients. DBS Bank China, the bank’s Chinese arm, announced the rollout of its e-CNY merchant solution, enabling businesses to accept payments using the central bank digital currency.
In other news, a Hong Kong streaming company plans to invest $100 million in cryptocurrencies, while Worldcoin faces sanctions. This is an update from Asia Express magazine.