DBS, Singapore’s biggest bank, has emerged as a significant investor in Ethereum (ETH), holding a substantial amount of 173,753 ETH worth around $647 million, as reported by Nansen, an on-chain analytics firm.
The blockchain address linked to DBS has not only accumulated a large amount of Ether but has also generated over $200 million in profit from its holdings. This highlights the increasing popularity of Ether as the native token of the Ethereum blockchain, especially among investment banks looking to tokenize capital markets.
DBS is no stranger to the crypto world, offering various services such as digital asset custody, a trading exchange for security tokens, and a portfolio management app that caters to both traditional and crypto assets. The bank’s involvement in the crypto market reflects the growing interest from retail investors, high-frequency traders, and hedge funds, as noted in a recent report.
The news of DBS’s significant Ether holdings comes at a time when anticipation is high for the introduction of spot Ether exchange-traded funds (ETFs) in the United States, which are expected to drive institutional adoption of the cryptocurrency.
In addition to its crypto ventures, DBS announced the launch of a digital yuan merchant collection solution last year, enabling mainland Chinese businesses to receive payments in the central bank digital currency.
Singaporeans, particularly those who are finance-savvy, have also shown a keen interest in cryptocurrency. A recent report by Seedly and Coinbase revealed that 57% of respondents currently hold digital assets, with many investing between US$1,000 and $25,000.
Singapore has been actively collaborating with global financial authorities in the digital currency space, including completing joint tests of cross-border trading and settlement of wholesale central bank digital currencies with the Bank for International Settlements and the central banks of France and Switzerland.
Furthermore, Singapore has announced plans to impose a trust requirement on cryptocurrency exchanges to enhance market confidence and protect investors from potential losses. This regulatory approach aligns with the country’s commitment to fostering a safe and secure environment for crypto investments.
Overall, DBS’s significant investment in Ethereum, combined with the growing interest in cryptocurrency among Singaporeans and regulatory developments in the country, underscores the rapidly evolving landscape of digital assets and blockchain technology.
