Nansen, a blockchain analytics company, strongly believes that an Ethereum controlling 173,700 ETH worth over $650 million at the spot rate belongs to DBS Bank, the largest bank in Singapore.
Is DBS Bank One of the Biggest Ethereum Whales?
Regarding X, the blockchain analysis platform selected an address “0x9e927…fb8e” as belonging to the financial institution, sparking interest and excitement. Look Etherscanthe address is one of the largest, placing it among the 40 largest holders of the world’s second most valuable cryptocurrency.
DBS Bank stands out from the list and is on par with the best crypto exchanges, mainly Binance and Kraken. The fact that the bank is among the major players in crypto is a huge boost and endorsement for the sector, an area that is still evolving. It is encouraging that with regulatory clarity, particularly from US regulators, more institutions will likely become interested in digital assets.
The bank is unlikely to hold ETH as an investment. Last year, the bank spear the DBS digital exchange. Through this platform, the bank has enabled qualified investors to trade multiple digital assets, including ETH. However, there are limits. For example, DBS Treasuries does not allow inbound or outbound transfers of ETH and other coins. They also prevent American citizens from participating.
Nonetheless, DBS’s decision to launch the exchange, drawing on its extensive experience in capital markets and custody, is optimistic. This is a sign that the bank’s hierarchy is comfortable with emerging asset classes like cryptocurrencies, despite their inherent volatility.
For now, DBS Bank must clarify whether it controls the address and whether the ETH held is its investment. At the same time, the bank must make public whether ETH over $650 million belongs to the exchange. From Etherscan datathe first transaction at this address was made 974 days ago.
Singapore is a major crypto player in the Asia-Pacific region
According to Statista, Singapore pieces a leading role in promoting crypto in the Asia-Pacific region. In 2023 alone, 88 transactions raised over $625 million for several crypto companies. Through favorable government policies and their adoption, Singapore aims to strengthen its position as a leading pro-crypto hub in the face of growing competition from Hong Kong.
Early April, Singapore tightened anti-money laundering measures for crypto companies. The Monetary Authority of Singapore (MAS), the city-state’s regulator, announced it was changing financial regulations.
Amendments to the Payment Services Act will now allow the regulator to overlook, among other things, the custody of digital assets and cross-border payments.
Featured image from Canva, chart from TradingView
