🎉Whale alert!🐳 Singapore's DBS Bank, one of the country's largest banking institutions, has been identified as a crypto whale by blockchain analysis firm Nansen. The bank reportedly holds a whopping 173,753 Ether (ETH) in a crypto wallet, valued at around $650 million!💰

Nansen's analysis reveals that this address, flagged on May 30, has already generated a paper profit of $200 million from its Ether holdings.📈 While DBS Bank hasn't officially confirmed ownership of the ETH, it's speculated that the assets might belong to its digital exchange, which caters to accredited investors.

DBS Bank is no newbie to the crypto world.🌐 It offers a variety of services, including digital asset custody, a trading exchange for security tokens, and a portfolio management app that integrates traditional and crypto assets.

Since launching its crypto trading and custody service in 2020, DBS Bank's crypto sector has seen significant growth.🚀 In 2022, it reported a four-fold increase in Bitcoin purchases on its digital exchange. In 2023, it reported an 80% increase in Bitcoin trading volume, attributing this growth to market instability following the crypto collapses of 2022.

DBS Bank has also been expanding its digital currency efforts beyond cryptocurrencies, engaging in government-related Web3 projects in Singapore.🇸🇬 These include Project Guardian, which successfully acquired tokenized Singapore dollars using tokenized Japanese yen.

DBS Bank is clearly making waves in the crypto ocean!🌊 Stay tuned for more exciting updates from the crypto world!🚀