Singapore’s Largest Bank Reportedly Holds Over $650 Million Of ETH



Nansen,
a
blockchain
analytics
firm,
is
strongly
convinced
that
one
Ethereum
addressing
controlling
a
whopping
173,700
ETH
worth
over
$650
million
at
spot
rates
belongs
to
the
DBS
Bank,
the
largest
bank
in
Singapore.


Is
The
DBS
Bank
One
Of
The
Largest
Ethereum
Whales?


Taking
to
X,
the
blockchain
analytics
platform
picked
out
an
address
“0x9e927…fb8e”
as
that
belonging
to
the
financial
institution,
sparking
interest
and
excitement.
Looking
at

How To Get Free Crypto  


Etherscan
,
the
address
is
one
of
the
largest,
placing
it
among
the
top
40
largest
holders
of
the
world’s
second
most
valuable
cryptocurrency.

Address
is
one
of
the
largest
holders
of
ETH
|
Source:
Etherscan


DBS
Bank
stands
out
from
the
list
and
is
on
par
with
the
top
crypto
exchanges,
mainly

Binance
and
Kraken.
The
fact
that
the
bank
is
among
the
top
players
in
crypto
is
a
huge
boost
and
endorsement
for
the
industry,
a
sphere
that
is
still
evolving.
Encouragingly,
with
regulatory
clarity,
especially
from
regulators
in
the
United
States,
more
institutions
will
likely
warm
up
to
digital
assets.


It
is
doubtful
that
the
bank
is
holding
ETH
as
an
investment.
Last
year,
the
bank


launched


the
DBS
Digital
Exchange.
Through
this
platform,
the
bank
allowed
accredited
investors
to
trade
several
digital
assets,
including
ETH.
Even
so,
there
are
limitations.
For
instance,
the
DBS
Treasuries
don’t
allow
inward
or
outward
transfers
of
ETH
and
other
coins.
They
also
restrict
United
States
citizens
from
participating.


Nonetheless,
the
decision
by
DBS
to
launch
the
exchange,
tapping
into
their
broad
experience
in
the
capital
markets
and
custody,
is
bullish.
It
is
a
signal
that
the
bank’s
hierarchy
is
comfortable
with
emerging
asset
classes
like
crypto
despite
their
inherent
volatility.  

Coinbase Banner  


For
now,
DBS
Bank
has
to
clarify
whether
they
control
the
address
and
whether
the
ETH
held
is
their
investment.
At
the
same
time,
the
bank
has
to
make
public
if
the
over
$650
million
ETH
belongs
to
the
exchange.
From
Etherscan


data
,
the
first
transaction
to
the
address
was
made
974
days
ago.

Last
ETH
transfer
done
in
974
days
|
Source:
Etherscan


Singapore
Is
A
Big
Crypto
Player
In
The
Asia-Pacific
Region


According
to
Statista,
Singapore


plays


a
leading
role
in
promoting
crypto
in
the
Asia-Pacific
region.
In
2023
alone,
there
were
88
deals
helping
raise
over
$625
million
for
multiple
crypto
firms.
Through
favorable
government
policies
and
adoption,
Singapore
wants
to
strengthen
its
position
as
a
leading
pro-crypto
hub
amid
rising
competition
from
Hong
Kong.

Ethereum
price
trending
upward
on
the
daily
chart
|
Source:

ETHUSDT
on
Binance,
TradingView


In
early
April,
Singapore


tightened


anti-money
laundering
measures
for
crypto
firms.
The
Monetary
Authority
of
Singapore
(MAS),
the
city-state’s
regulator,
said
it
was
changing
financial
regulations.


Changes
made
to
the
Payment
Services
Act
will
now
empower
the
regulator
to
overlook,
among
other
things,
digital
asset
custody
and
cross-border
payments.

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Feature
image
from
Canva,
chart
from
TradingView

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Author: Dalmas Ngetich


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