Singapore’s largest bank launches cryptocurrency-based trusts

The DBS Bank private bank division for high-net-worth clients added to its product line investment trusts based on Bitcoin, Ethereum, Bitcoin Cash and XRP. CoinDesk reports.

The instrument is available in US dollars, Japanese yen, and the local currencies of Hong Kong and Singapore. The bank said this is the first of its kind offering in Asia.

The initiative is being implemented through the licensed trust company DBS Trustee, which is 100% owned by the bank.

“In recent years, more and more clients have shown interest or are already investing in digital assets. We expect this trend to intensify.”, — said Joseph Pun, head of DBS Private Bank.

Earlier the group launched a platform for trading digital assets DBS Digital Exchange.

In the second quarter of 2021, the exchange plans to conduct the first STO on its platform. It will also introduce custodial services and develop the blockchain platform Partior, developed in partnership with Temasek and JPMorgan.

In the first quarter of 2021, trading volume on DBS Digital Exchange surged by more than tenfold.

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