Singapore's largest bank, DBS, owns Ethereum Whale.
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Singapore's largest bank, DBS, owns #EarnFreeCrypto2024 Whale.
According to Nansen, the wallet linked to the bank holds 173,753 #ETH , valued at £65,000.
According to blockchain analytics firm Nansen, DBS, Singapore's largest bank, is an Ethereum (ETH) whale that owns more than 65,000 #cryptocurrencies . According to the network, the bank owns 173,753 ethers.
Nansen claims that Ethereum is stored at the crypto wallet address (0x9e927c02c9eadae63f5efb0dd818943c7262fb8e). Analysts also found that the address generated more than 2 billion yen in profits from owning Ethereum.
Ethereum is a blockchain-based network that allows developers to create and deploy decentralized applications (dApps). Thousands of games and financial applications run on this network. Its native token, Ether or ETH, is the 2nd largest cryptocurrency by market capitalization after #bitcoin .
While some companies consider bitcoin as their primary reserve asset, investment banks are turning to Ethereum to tokenize capital markets. At the time of writing, the price of ether is down 0.9% to $3,747, according to Coingecko.
Ethereum's estimated DBS assets exceed £651 million at the current price. According to industry media reports, a bank spokesperson denied that DBS "has such a position in our account. ""
DBS is not new to cryptocurrencies. In 2020, the bank, which had assets of £7.390 billion at the end of the 12th month, launched a platform to host cryptocurrency trading and custody services, as well as security tokens.
At the time, the Financial Group said cryptocurrencies would not be held on exchanges. "All digital assets are held at DBS Bank, which is known globally for its custodial services," the bank said at the time.
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