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The biggest bank in Singapore has $647 million in Ethereum (ETH)

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The biggest bank in Singapore has $647 million in Ethereum (ETH)

DBS, the biggest bank in Singapore, has been revealed as a significant holder of Ether (ETH), with a value of about $647 million.

The DBS blockchain address has a total of 173,753 ETH, which has an estimated worth of about $3,730 per Ether. According to Nansen’s research, the address has accumulated more than $200 million in profit from its ether holdings.

Ether has seen significant growth in popularity in recent years, making it a favored option for investment banks to digitize capital markets.

DBS provides a variety of services, including as digital asset custody, a trading exchange for security tokens, and a portfolio management tool that caters to both conventional and crypto assets. This participation coincides with increasing interest from diverse participants, such as individual investors, algorithmic traders, and investment funds.

DBS’s significant ether holdings have been disclosed amidst growing expectation for the launch of spot ether exchange-traded funds (ETFs) in the United States.

These ETFs are predicted to encourage more institutional adoption of the cryptocurrency. Recently, some publicly traded corporations have used cryptocurrencies, namely Bitcoin, to broaden their reserves.

Over 50% of financially knowledgeable Singaporeans have adopted cryptocurrencies and see it as the future of money.

According to a recent study conducted by Seedly and Coinbase, 57% of the participants presently own digital assets, with most of them investing an amount ranging from US$1,000 to $25,000. Singapore has been actively collaborating with international financial regulators about digital currencies.

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