- Nansen, a blockchain analytics firm, is strongly convinced that one Ethereum address controlling a whopping 173,700 ETH worth over $650 million at spot rates belongs to the DBS Bank, the largest bank in Singapore.
- 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.
Discover how DBS Bank’s significant Ethereum holdings position it as a major player in the crypto industry and what this means for the future of digital assets.
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 Etherscan, the address is one of the largest, placing it among the top 40 largest holders of the world’s second most valuable cryptocurrency.
DBS Bank’s Strategic Move into 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.
Conclusion
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.
