Nansen Uncovers DBS Bank’s $650 Million Ether Holdings
- Nansen has unmasked a new Ether whale.
- The whale is a leading bank in Singapore.
- The bank has made over $200M so far by holding ETH.
DBS Bank Ltd, Singapore’s largest banking corporation, is an Ether whale with hundreds of millions in ETH holdings, on-chain analytics firm Nansen reported on Thursday.
Originally known as The Development Bank of Singapore Limited, DBS has over 250 subsidiaries in Southeast Asia, where it is active in 17 markets. As of 31 December 2024, the bank’s assets totaled $739 billion.
DBS Bank’s Ether Holdings
In an X (Twitter) post on May 30, the Nansen team said that it had identified DBS bank as the alleged owner of an ETH whale wallet holding 173,753 Ether, worth over half a billion at press time.
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While Nansen’s revelation of DBS’s alleged Ether holdings is intriguing, the bank is not a newbie in crypto.
Besides offering digital asset custody services, DBS has branched out into cryptocurrencies through a trading exchange for security tokens and a portfolio management app for both traditional and DeFi assets.
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DBS has also been synonymous with government-related Web3 projects in Singapore, including Project Guardian, which facilitated the successful acquisition of a tokenized version of the Singapore dollar using tokenized Japanese yen.
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Other blockchain and Web3 initiatives DBS has participated in include Project Orchid for government vouchers and a cross-border e-Chinese yuan transaction test for shipments between Singapore and India.
Read about the approval of spot Ether ETFs by the U.S. SEC:
BREAKING: SEC Approves All Spot Ether ETFs in Total Pivot
Stay updated on why Ether ETFs might not mirror Bitcoin’s success:
Why Ethereum Spot ETFs Will Not Mirror Bitcoin’s Success
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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