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.

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.

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.

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