Busted! Singapore's Biggest Bank Holds $650 Million In This Crypto!


"It's not ordinary, DBS Bank holds a lot of ETH."

Nansen, a blockchain analysis firm revealed that Singapore's largest bank DBS holds more than 170,000 Ethereum (ETH) worth $650 million in its cryptocurrency wallet which is currently estimated to generate $200 million in profits.

However, a DBS Bank spokesperson not only denied the statement but also refused to comment further after being asked whether the digital exchange or DBS custody solution owns or holds the wallet's private key or not.

After DBS Bank did not give any confirmation, a member of the community speculated that the ETH held in the wallet could be a digital asset held on behalf of the investor and not a bank asset.

Admittedly Nansen did not disclose how they got the information, but Nansen analyst Edward Wilson said it was from a reliable source and that DBS had the wallet's private key.

All digital assets stored at DBS Bank have been recognized globally for its custody services, commented DBS Bank, adding that they will also support major cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum Classic ETF and ETH.

Since its inception, DBS Bank's crypto division has achieved great success where it saw a four-fold growth in BTC purchases on the bank's digital exchange in 2022 and its trading volume also more than doubled in June 2022.

It would also like to be informed that DBS Bank's BTC trading volume in 2023 has increased by 80% and then launched a digital yuan transaction tool and conducted its first transaction for corporate customers in July 2023.