Nansen Unveils Cryptocurrency Holdings of Singapore’s Largest Bank

Analytics firm Nansen has linked an Ethereum whale address, which holds 173,700 ETH valued at $650 million, to DBS Bank, Singapore’s largest bank.

We’ve identified this $650m $ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of 31 Dec’23

This address has made over $200m by holding ETH… ?

Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ

— Nansen ? (@nansen_ai) May 30, 2024

According to researchers, as of December 31, 2023, DBS holds assets worth 739 billion SGD (~$547 billion).

Nansen claims the bank has earned approximately $200 million from the second-largest cryptocurrency by market capitalization.

DBS has long been a proponent of digital assets. In 2021, the financial company launched the DDEx cryptocurrency trading platform in Singapore, aimed at institutional investors.

In the same year, the Monetary Authority of Singapore granted the bank “in-principle” approval to provide cryptocurrency services.

A user by the nickname kirbyong.sismo noted that DBS has a digital asset exchange for accredited investors, suggesting that the ETH likely represents client funds rather than the bank’s own investments.

DBS has a digital exchange for accredited investors which has been live for awhile, it’s likely ETH held on behalf of these investors and not bank investments https://t.co/8P1XDWHML3

— kirbyong.sismo.eth ??‍♂️ (@kirbyongeo) May 30, 2024

Back in July 2023, DBS Bank added support for the digital yuan.