Blockchain analysis firm Nansen has identified DBS Bank as a major cryptocurrency whale, with a wallet reportedly holding 173,753 Ether (ETH), valued at approximately $650 million.
This wallet, flagged on May 30, has generated a paper profit of $200 million. While DBS Bank has not confirmed ownership, it is speculated that the ETH belongs to its digital exchange for accredited investors.
DBS Bank has been active in the cryptocurrency sector, offering digital asset custody, a trading exchange for security tokens, and a portfolio management app. In 2020, it launched a crypto trading and custody service, supporting major cryptocurrencies.
Since then, the bank’s crypto operations have grown significantly, with notable increases in Bitcoin trading volume in 2022 and 2023.
DBS has also engaged in government-related Web3 projects in Singapore, such as Project Guardian and Project Orchid, and conducted a cross-border e-Chinese yuan transaction test.
Additionally, its Chinese subsidiary introduced an e-CNY merchant solution for businesses. The bank continues to provide trading exchanges for security tokens and a portfolio management app for traditional and DeFi assets.
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