Nansen identified a crypto wallet and believed that the wallet belonged to Singapore’s DBS Bank. The firm is holding almost $650 million of Ethereum, and Nansen believes that they have already earned $200 million on these holdings.
According to a report, this wallet holds a total of 170,000 Ethereum worth $650 million.
A blockchain analysis firm, Nansen, identified this wallet on May 30 and flagged it as a Singaporean banking institution. According to Nansen, this whale is BDS, one of the largest banks in Singapore.
No immediate response was given by DBS when a crypto analysis platform contacted them.
Exploring the Speculation: DBS Bank’s Ethereum Holdings
Although DBS did not confirm the news of their Ethereum holdings, some people assumed that this could be from DBS’ digital exchange for accredited investors. Another community member said that this holding could be on behalf of inverters and does not belong to DBS.
In 2020, DBS Bank introduced a platform to provide services for conducting security token offerings. The DBS exchange clarified that they will not hold any crypto assets; however, they can hold on behalf of investors.
“All digital assets are kept at DBS Bank, which is globally recognized for its custodial services,” DBS wrote. After that, the bank was spotlighted for supporting major cryptocurrencies like Bitcoin, and Ethereum.
Since it started, DBS Bank’s crypto division has done very well. In 2022, Bitcoin purchases on its digital exchange increased four times. Total trades more than doubled from April to June 2022.
According to a report by DBS bank in 2023, the trading of bitcoin grew by 80% on their exchange, although the crypto market collapsed in 2022.
In July 2023, DBS Bank introduced a digital yuan tool for transactions and made its first transaction with corporate clients. Its Chinese branch, DBS Bank China, also launched an e-CNY merchant solution, letting businesses accept payments with digital currency from the central bank.
