Ethereum
Singapore’s largest bank DBS holds nearly $650 million in Ether (ETH): Nansen
DBS, Singapore’s largest bank, is an ether (ETH) whale, according to on-chain analytics firm Nansen.
Nansen said the address has earned more than $200 million from its ether holdings.
“Regarding the position, DBS does not have this position on our books,” a spokesperson said.
Ether is the native token of Ethereum, the world’s leading distributed computing platform for creating smart contracts and decentralized applications. Over the years, Ethereum has become a compelling technology for investment banks to tokenize capital markets.
The bank is not new to crypto and offers a range of services including digital asset custody, a security token trading exchange, and a portfolio management application for traditional and crypto assets.
A recent report from the bank Underlines the growing interest in the crypto market from retail investors, high-frequency traders and hedge funds.
Nansen’s revelations about DBS’s ether holdings come as the crypto market patiently awaits the launch of ether spot exchange-traded funds in the United States, which is expected to drive mainstream institutional adoption of the cryptocurrency.
Since 2020, several listed companies have turned to crypto, mainly bitcoin, to diversify their reserves. Bitcoin ETFs began trading in the United States in January.
UPDATE (May 30, 12:15 UTC): Adds statement from DBS spokesperson.