Markets
Singapore’s largest bank, DBS, holds nearly $650 million in Ether (ETH): Nansen
DBS, Singapore’s largest bank, is an ether (ETH) whale, according to on-chain analytics firm Nansen.
Nansen said the address earned more than $200 million from its ether holdings.
“In relation to the post, DBS does not have this position on our books,” a spokesperson said.
Ether is the native token of Ethereum, the world’s leading distributed computing platform for building smart contracts and decentralized applications. Over the years, Ethereum has become a go-to technology for investment banks to tokenize capital markets.
The bank is no stranger to cryptocurrencies and offers a range of services, including digital asset custody, a security token exchange, and a portfolio management app for traditional and crypto assets.
A recent report from the bank highlighted the growing interest in the cryptocurrency market from retail investors, high-frequency traders and hedge funds.
Nansen’s revelations about DBS’s ether holdings come as the cryptocurrency market patiently awaits the debut of spot ether exchange-traded funds in the United States, which are expected to boost mainstream institutional adoption of the cryptocurrency.
Since 2020, several listed companies have turned to cryptocurrencies, mainly bitcoin, to diversify their reserves. Bitcoin ETFs began trading in the United States in January.
UPDATE (May 30, 12:15 UTC): Adds statement from DBS spokesperson.