DBS, Singapore’s largest bank, owns USD $650 million in Ethereum: Nansen – DiarioBitcoin
By Hannah Perez
One of Asia’s Largest Banks is an Ethereum Whale, Nansen’s Team Discovers. DBS Bank has been holding ETH since last year, with profits of around $200 million.
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- One of Asia’s Largest Banks is an Ethereum Whale
- Nansen identified DBS Bank as the owner of an address with a fortune in ETH
- The Singapore-based bank has generated USD $200 million just by holding
One of Asia’s largest banks is apparently a whale of Ethereum (ETH).
Chain researchers have just discovered that DBS Bank, the largest bank in Singapore, owns a huge ETH fortune. In a publication in x This Thursday, the team at the on-chain analysis firm Nansensaid that it had identified that banking institution as the owner of an address with more than USD $650 million in Ethereum.
In particular, it is the address “0x9e…fb8e”, which holds 173,753 ETH worth approximately USD $651.5 million at the time of publication, and which is supposedly owned by D.B.S..
In accordance with Nansen, the management has generated a unrealized gain of more than $200 million with your ETH holdings. According to the data, the banking institution has been holding the coins since December 2023.
D.B.S. has not confirmed being the owner of the address in question, but some have speculated that the fortune of Ethereum It could be related to the bank’s cryptocurrency services.
The Singapore-based bank is not new to the world of cryptocurrencies and offers a range of services, including digital asset custody, a security token trading exchange, and a portfolio management app for traditional and crypto assets, it details. CoinDesk. Besides, D.B.S. has previously highlighted the “unique benefits“which offers Bitcoin.
Institutional appetite for cryptocurrencies
The revelation is a sign of the persistent appetite of companies globally for cryptocurrencies. an adoption trend that has become increasingly common in the years since the pandemic.
Recently, the healthcare company Semler Scientificannounced a change in strategy to use its excess cash to buy Bitcoin and thus convert the cryptocurrency into its main reserve asset. Semler said that it acquired USD $40 million in Bitcoin.
MicroStrategythe corporate whale of Bitcoin largest, is known for its aggressive bitcoin accumulation strategy. Michael Saylor’s firm currently owns more than 210,000 BTC.
This year, institutions have been investing in Bitcoin through the new spot exchange-traded funds (ETFs) that were launched on the US market in January. It has been revealed that high-profile banks such as JPMorgan, Wells Fargo, Morgan Stanley and others have participated in the ETFs of Bitcoin cash, and even a US state bought shares.
Market participants are currently awaiting the launch of the first ETFs based on Ethereum in cash, after they were approved by US regulators last week.
ETH changes hands around USD $3,750 at press time, up 95% in the last year.
Article by Hannah Estefanía Pérez / DailyBitcoin
Edited image of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
