Singapore’s Biggest Bank Revealed as Ethereum Whale With $650 Million in ETH: Nansen

Blockchain analytics firm Nansen has identified DBS Bank, one of Singapore’s largest banking institutions, as a cryptocurrency whale.

According to Nansen, a crypto wallet owned by DBS Bank holds 173,753 Ether (ETH), valued at around $650 million at the current market price.

Does DBS have a $200 million profit?

Nansen’s analysis claims that the address, marked on May 30, has already generated a paper profit of $200 million from its Ether holdings.

We have identified that $650 million $ETH Whale holds 173,7000 ETH as DBS, Singapore’s largest bank with assets totaling A$739 billion as of December 31, 2023.

This address has earned over $200 million in ETH… 🤯

Track the address in Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ

— Nansen 🧭 (@nansen_ai) May 30, 2024

While DBS Bank has not officially confirmed ownership of the ETH, a community member suggested that the assets could belong to its digital exchange, which caters to accredited investors. They speculated that the bank is holding ETH on behalf of investors rather than being direct bank assets.

DBS Bank is no stranger to the cryptocurrency industry. It offers various services, including custody of digital assets, a trading security token exchange, and a portfolio management application that integrates traditional and crypto assets.

In 2020, DBS Bank launched a cryptocurrency trading and custody service and a platform for security token offerings. At the time, the bank emphasized that it would not hold any assets on the exchange, but would instead provide custody services to investors. “All digital assets are held at DBS Bank, which is recognized globally for its custody services,” the bank said. Services support major cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum Classic and Ether.

DBS Digital Currency Initiatives

DBS Bank’s crypto sector has seen significant growth since then. In 2022, it reported a fourfold increase in Bitcoin purchases on its digital exchange, doubling total trades between April and June 2022. In 2023, it reported an 80% increase in trading volume of Bitcoin, attributing this growth to market instability following the 2022 crypto crash.

DBS has expanded its digital currency efforts beyond cryptocurrencies, participating in government-related Web3 projects in Singapore such as Project Guardian. This initiative successfully acquired tokenized Singapore Dollars using tokenized Japanese Yen.

In addition, DBS participates in Project Orchid for government vouchers and conducted a trial of Chinese e-yuan cross-border transactions for remittances between Singapore and India.

In addition, its Chinese subsidiary, DBS Bank China, introduced an e-CNY business solution for businesses to accept payments in the central bank digital currency (CBDC). The bank also offers trading exchanges for security tokens and a portfolio management application that serves both traditional and DeFi assets.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!