According to on-chain analytics company Nansen, DBS, the biggest bank in Singapore, is an ether (ETH) whale. Presumably controlled by DBS, the blockchain address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e had 173,753 ETH, or $647 million, at the time of publication.
Ether exchanged hands for $3,730 at the time of writing. The address has reportedly made over $200 million from its ether holdings, according to Nansen. A representative said, “DBS does not have this position on our books in relation to the post.” The native coin of Ethereum, the most popular distributed computing platform in the world for building decentralised apps and smart contracts, is called ether. Over the years, Ethereum has become a go-to technology for investment banks to tokenize capital markets.
The bank is not new to the cryptocurrency space and provides a number of services, such as custody for digital assets, a security token trading platform, and an app for managing portfolios containing both traditional and digital assets. Hedge funds, high-frequency traders, and regular investors are becoming more interested in the cryptocurrency sector, according to a recent analysis from the bank.
The cryptocurrency industry is eagerly awaiting the launch of spot ether exchange-traded funds in the United States, which is anticipated to increase the cryptocurrency’s mainstream institutional acceptance.
Nansen’s disclosure of DBS’ ether holdings comes at the same time. Many publicly traded companies have diversified their reserves by utilising cryptocurrencies, primarily bitcoin, since 2020. In January, Bitcoin ETFs started trading in the United States.