Singapore’s leading financial institution, DBS Bank Ltd, has been identified as a significant Ether whale. According to analytics firm Nansen, it holds an Ethereum wallet with 173,753 ETH, valued at over half a billion dollars. Despite its traditional banking roots, this development underscores DBS’s active engagement in the cryptocurrency sector.
DBS now offers digital asset custody, a trading platform for security tokens, and a management app catering to traditional investments and decentralized finance (DeFi) assets.
It operates across 17 markets with over 250 subsidiaries. In addition to its crypto trading services, DBS is at the forefront of several government-backed Web3 projects in Singapore.
Notable initiatives include Project Guardian, which achieved the first transaction using tokenized currencies, and Project Orchid, which aims to develop government vouchers on the blockchain.
The cryptocurrency division of DBS has reported significant growth, with Bitcoin transactions on DBS’s digital exchange quadrupling in 2022. Despite market fluctuations, the bank saw an 80% rise in Bitcoin trading volume. Illustrating robust market engagement and the bank’s strategic adaptation to digital finance trends.
Also Read: Shibarium TVL Up 17% as BONE Transfer Time Drops to 45 Min.
