June 23, 2024
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DBS Bank Denies Holding $650M in Ether

DBS Bank Crypto Wallet Identified

A crypto wallet reportedly associated with multinational banking and financial services company DBS Bank holds over 170,000 Ether, valued at nearly $650 million. On May 30, blockchain analysis firm Nansen flagged this Ethereum “whale” as belonging to the Singaporean banking institution. According to Nansen, they identified the wallet as belonging to DBS, one of Singapore’s largest banks. The analysis firm estimates that the wallet has already profited $200 million from holding Ether. However, DBS denies this claim. A spokesperson from DBS Bank stated:

“In relation to the post, DBS does not have this position on our books.” When questioned about whether DBS’ digital exchange or custody solutions own or hold the private keys to the wallet, the bank declined to comment.

Potential investor assets

Despite DBS Bank’s denial, some speculate that the Ether could be from DBS’ digital exchange for accredited investors. A community member suggested that the Ether held by the wallet might be assets held on behalf of investors rather than the bank’s own assets. Nansen did not disclose their information sources but assured Cointelegraph it was from “a reliable source.” Nansen analyst Edward Wilson stated that DBS owns the private key to the wallet, indicating it is likely part of the company’s custody solution. Wilson elaborated:

“This is similar to how we see institutions, both crypto-native like exchanges such as Binance or Coinbase, custody funds on behalf of their users and non-crypto-native custody funds. The institution is the custodian and is responsible for managing the security of the funds.”

DBS Bank’s Crypto Expansion

In 2020, DBS Bank launched a crypto trading and custody service, including a platform for security token offerings. At the time, DBS Exchange clarified that the exchange would not hold any assets but would offer investors custody services. “All digital assets are kept at DBS Bank, which is globally recognized for its custodial services,” the bank stated. DBS also mentioned its support for major cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum Classic, and Ether.

DBS Bank’s Digital Growth

Since launching its crypto division, DBS Bank has seen significant success. In 2022, DBS reported a four-fold increase in Bitcoin purchases on its digital exchange, with trades more than doubling from April to June. In 2023, DBS noted an 80% growth in Bitcoin trading volume, attributing the surge to the crypto collapses in 2022. In July 2023, DBS Bank introduced a digital yuan transaction tool, completing its first transaction for corporate clients. DBS Bank China also launched its e-CNY merchant solution, enabling businesses to receive payments using the central bank’s digital currency.

Image by motoviurii on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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