Singapore’s Largest Bank DBS Is an Ether Whale With Nearly $650M in ETH: Nansen

As a financial analyst, I came across the blockchain address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e, which was reportedly owned by DBS Group Holdings. According to the information available at that moment, this address contained approximately 173,753 Ether tokens. With Ether trading at around $3,730 per token at the time of my analysis, the value of these tokens amounted to a substantial sum of over $647 million.

Nansen reportedly stated that the address in question has amassed more than $200 million through its Ether holdings. CoinDesk attempted to contact DBS for verification of this information.

Ether serves as the native currency for Ethereum, which is the preeminent platform globally for developing smart contracts and decentralized apps. Ethereum’s popularity has grown significantly over the years, making it a preferred choice for investment banks looking to digitize capital markets.

The bank has extensive experience with cryptocurrencies and provides various solutions. These include safeguarding digital assets, operating a security token trading platform, and managing investment portfolios that accommodate both conventional and cryptographic assets.

As a crypto investor, I’ve noticed an intriguing trend mentioned in a recent banking report. It seems that retail investors, high-frequency traders, and hedge funds are increasingly drawn to the crypto market. This growing interest is a testament to the dynamic and evolving nature of this space.

Nansen’s disclosure of DBS holding ether has surfaced at a time when the crypto community is on tenterhooks for the launch of spot ether ETFs in the US market. Anticipated to increase mainstream acceptance of ethereum among institutions, these ETFs are highly awaited.

Beginning in 2020, various publicly-traded companies have adopted crypto, particularly bitcoin, as a means to expand their reserve holdings. The launch of Bitcoin ETFs in the United States occurred in January.