Blockchain analytics firm Nansen is strongly convinced that one Ethereum that manages a whopping 173,700 ETH, worth more than $650 million at spot rates, belongs to Singapore’s largest bank, DBS Bank.
Is DBS Bank one of the biggest Ethereum whales?
In the case of The address “fb8e” was chosen as the address of the financial institution, arousing interest and interest. report EtherscanThis address is one of the largest and one of the top 40 holders of the world’s second most valuable cryptocurrency.
DBS Bank stands out in the list and is primarily on par with top cryptocurrency exchanges such as Binance and Kraken. The fact that the bank is one of the top players in the cryptocurrency space is a huge boost and support for an industry that is still evolving. Fortunately, more institutions are likely to become interested in digital assets, especially as regulations become clearer from U.S. regulators.
I doubt whether banks hold ETH for investment purposes. Last year the bank Released DBS Digital Exchange. Through this platform, the bank allows accredited investors to trade several digital assets, including ETH. Nonetheless, there are limitations. For example, DBS Treasuries does not allow internal or external transfers of ETH and other coins. It also limits the participation of American citizens.
Nonetheless, DBS’ decision to leverage its extensive experience in capital markets and custody to launch an exchange is optimistic. This is a sign that the bank’s hierarchy is comfortable with emerging asset classes such as cryptocurrencies despite their inherent volatility.
At present, it is necessary to clarify whether DBS Bank controls the address and whether the ETH held is an investment. At the same time, banks must disclose whether more than $650 million worth of ETH belongs to exchanges. From Etherscan dataThe first transaction to this address occurred 974 days ago.
Singapore is a big cryptocurrency player in the Asia Pacific region
Singapore according to Statista theater It is playing a leading role in promoting cryptocurrency in the Asia Pacific region. In 2023 alone, there were 88 transactions that helped several cryptocurrency companies raise more than $625 million. Singapore is seeking to strengthen its position as a leading cryptocurrency hub amid increasing competition from Hong Kong through favorable government policies and adoption.
Singapore in early April tightened Anti-money laundering measures for cryptocurrency companies. The city-state’s regulator, the Monetary Authority of Singapore (MAS), said it was making changes to financial regulations.
Changes to the Payment Services Act have allowed regulators to overlook digital asset custody and cross-border payments, among other things.
Featured image from Canva, chart from TradingView