CDS Crypto News Crypto News Today- DBS Emerges as an Ether Whale: Singapore’s Largest Bank Now Holds Nearly $650M in ETH

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Crypto News Today- DBS Emerges as an Ether Whale: Singapore’s Largest Bank Now Holds Nearly $650M in ETH

sevval30/05/20242 Mins read333

Crypto News Today- Dbs Emerges As An Ether Whale: Singapore'S Largest Bank Now Holds Nearly $650M In Eth

Ether Whale: DBS, Singapore’s Biggest Bank, Surpasses $650M, Positioning It as an Influential Figure in the Crypto Landscape

Crypto News– DBS, Singapore’s largest bank, has been identified as an ether (ETH) whale by on-chain analytics firm Nansen. According to reports, the blockchain address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e, believed to be owned by DBS, currently holds 173,753 ETH, valued at $647 million at the time of writing. Ether is currently trading at $3,730.

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Nansen also revealed that the address has generated over $200 million in profits from its ether holdings. Ether serves as the native token of Ethereum, the world’s leading distributed computing platform for smart contracts and decentralized applications. In recent years, Ethereum has gained popularity among investment banks as a technology for tokenizing capital markets.

https://x.com/nansen_ai/status/1796087551486554590?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1796087551486554590%7Ctwgr%5E0bfaa8d861b3dd893c51cc5b6c312192d67c9ee5%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fmarkets%2F2024%2F05%2F30%2Fsingapores-largest-bank-dbs-is-an-ether-whale-with-nearly-650m-in-eth-nansen%2F

The bank has been actively involved in the crypto space and offers a variety of services, including digital asset custody, a trading exchange for security tokens, and a portfolio management app catering to both traditional and crypto assets.

A recent report from the bank underscored the growing interest in the crypto market among retail investors, high-frequency traders, and hedge funds.

Nansen’s disclosure regarding DBS’ ether holdings comes at a time when the crypto market eagerly anticipates the introduction of spot ether exchange-traded funds (ETFs) in the United States. These ETFs are expected to accelerate the mainstream institutional adoption of the cryptocurrency.

Since 2020, numerous publicly traded companies have turned to cryptocurrencies, particularly bitcoin, as a means to diversify their reserves. Bitcoin ETFs commenced trading in the U.S. in January, marking another milestone in the integration of cryptocurrencies into traditional financial markets.

FAQs

What is DBS?

DBS refers to the largest bank in Singapore, known as DBS Bank.

What is meant by “Ether Whale”?

An “Ether Whale” is a term used to describe an entity or individual that holds a significant amount of the cryptocurrency Ether (ETH) in their wallet.

ow was DBS identified as an Ether Whale?

DBS was identified as an Ether Whale by the on-chain analytics firm Nansen, which revealed that a blockchain address believed to be owned by DBS holds a substantial amount of Ether.

For the latest in crypto updates, keep tabs on Crypto Data Space.

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.