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Blockchain analytical platform Nansen Singapore’s largest bank, DBS, said it is Ethereum Whale after identifying a wallet allegedly owned by the financial institution.
on May 30 on social media mailNansen claimed that DBS holds approximately 173,753 ETH, worth $648 million, at the wallet address “0x9e927c02c9eadae63f5efb0dd818943c7262fb8e.” She added that the bank made more than $200 million from its ETH holdings.
Edward Wilson, an analyst at Nansen, said:
“Nansen is 100% certain that this belongs to DBS – DBS owns the private key to this wallet and these assets are likely part of their custody solution.
This is similar to how we see institutions, whether it’s crypto-native exchanges like Binance or Coinbase custodial funds on behalf of their users and non-crypto native custodial funds. The Foundation is the custodian and responsible for managing the security of the funds.
However, a DBS Bank spokesman said Cryptocellite:
“As far as this post is concerned, DBS does not have this position on our books.”
Top 50
Athirscan Data It shows that a large ETH portfolio would place the financial institution among the top 40 holders of the second-largest digital asset by market capitalization.
This puts it directly behind the wallets of centralized exchanges like Crypto.com and Bybit’s Hot Wallet 1. Notably, DBS is the only traditional financial institution on this list, which is dominated by major exchanges and cryptocurrency platforms like BinanceRobinhood, Arbitrum: Bridge, and A mythical sea monster.
According to Wikipedia pageDBS is Southeast Asia’s largest bank by assets and among the largest banks in Asia, with total assets of S$739 billion as of December 2023. The bank’s most significant and controlling shareholder is Singapore’s sovereign wealth fund, Temasek.
Customer assets?
Members of the crypto community He said DBS’s ETH holding was further evidence that institutional investors are increasingly interested in cryptocurrencies as a legitimate asset class.
However, some speculated that ETH could belong to the bank’s clients. In 2020, the bank launched a cryptocurrency trading and digital asset custody platform for security token offerings. According to her website:
“DBS Digital Exchange offers trading services between four fiat currencies (SGD, USD, HKD, JPY), and six of the most established cryptocurrencies, namely Bitcoin, Ethereum, Bitcoin Cash, Polkadot, Cardano and XRP.”
at recent days a reportDBS has noted increased interest in the cryptocurrency market from retail investors, large traders and hedge funds.
Update 30 May: The story has been updated to include a statement from DBS.
