Singapore’s Largest Bank Revealed as Ethereum Whale Holding $650M in ETH: Nansen

Blockchain analysis firm Nansen has identified DBS Bank, one of Singapore’s largest banking institutions, as a cryptocurrency whale.

According to Nansen, a crypto wallet reportedly owned by DBS Bank holds 173,753 Ether (ETH), valued at around $650 million at the current market price.

DBS Sitting on a $200M Profit?

Nansen’s analysis states that the address, flagged on May 30, has already generated a paper profit of $200 million from its Ether holdings.

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

While DBS Bank has not officially confirmed ownership of the ETH, a community member suggested that the assets might belong to its digital exchange, which caters to accredited investors. They speculated that the bank holds the ETH on investors’ behalf rather than it being direct bank assets.

DBS Bank is no stranger to the cryptocurrency sector. It offers various services, including digital asset custody, a trading exchange for security tokens, and a portfolio management app that integrates traditional and crypto assets.

In 2020, DBS Bank launched a crypto trading and custody service and a platform for conducting security token offerings. At the time, the bank emphasized that it would not hold any assets on the exchange but would provide custody services for investors. “All digital assets are kept at DBS Bank, which is globally recognized for its custodial services,” the bank stated. The services supported major cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum Classic, and Ether.

DBS’s Digital Currency Initiatives

Since then, DBS Bank’s crypto sector has witnessed significant growth. In 2022, it reported a four-fold increase in Bitcoin purchases on its digital exchange, doubling total trades between April and June 2022. In 2023, it reported an 80% increase in Bitcoin trading volume, attributing this growth to the market instability following the crypto collapses of 2022.

DBS has broadened its digital currency efforts beyond cryptocurrencies, engaging in government-related Web3 projects in Singapore like Project Guardian. This initiative successfully acquired tokenized Singapore dollars using tokenized Japanese yen.

Additionally, DBS is involved in Project Orchid for government vouchers and conducted a cross-border e-Chinese yuan transaction test for shipments between Singapore and India.

Furthermore, its Chinese subsidiary, DBS Bank China, introduced an e-CNY merchant solution for businesses to accept payments in the central bank digital currency (CBDC). The bank also provides trading exchanges for security tokens and a portfolio management app catering to traditional and DeFi assets.