Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ETHEREUM NEWS»Singapore’s largest bank holds over $650 million in ETH
ETHEREUM NEWS

Singapore’s largest bank holds over $650 million in ETH

By Crypto FlexsMay 31, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Singapore’s largest bank holds over 0 million in ETH
Share
Facebook Twitter LinkedIn Pinterest Email

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.

The address is one of the largest holders of ETH | Source: Etherscan

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.

Last ETH transfer completed in 974 days |  Source: Etherscan
Last ETH transfer completed in 974 days | Source: Etherscan

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.

Ethereum price is trending upward on the daily chart |  Source: ETHUSDT on Binance, TradingView
Ethereum price is trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView

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

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025

Enterprise Ethereum Alliance accelerates strategic vision with new leadership and board promises -Enterprise Ethereum Alliance

June 5, 2025
Add A Comment

Comments are closed.

Recent Posts

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

Bitcoin’s $ 100k drop in caught many merchants for many merchants.

June 6, 2025

As the ETF rises, Bitcoin Eye Major Rally -but this can ruin the party.

June 6, 2025

Secure the Treasury in the BNB chain and launch VANECK

June 6, 2025

Use Sunny Mining Cloud Mining to earn $ 12,000 a day

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025
Most Popular

Libra Founder David Marcus Endorses Trump After ‘Gradual Political 180’

August 1, 2024

Solana is optimistic as rivals Celestia and Shiba Inu attract elite investors.

February 11, 2024

Binance Margin Introduces New USDC Trading Pairs

July 31, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.