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Singapore’s Largest Bank DBS Is an Ether Whale With Nearly $650M in ETH: Nansen

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The blockchain tackle – 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e – supposedly owned by DBS held 173,753 ETH at press time, in line with Nansen.

The tackle has already made $200 million from its ether holdings.

DBS, the biggest financial institution in Singapore, is an ether (ETH) whale, in line with on-chain analytics agency Nansen.

The blockchain tackle – 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e – supposedly owned by DBS held 173,753 ETH, value $647 million at press time. On the time of writing, Ether modified arms at $3,730.

Nansen stated that the tackle has remodeled $200 million from its ether holdings. CoinDesk reached out to DBS searching for affirmation of the holdings.

Ether is the native token of Ethereum, the world’s main distributed computing platform for creating sensible contracts and decentralized purposes. Through the years, Ethereum has turn out to be a go-to expertise for funding banks to tokenize capital markets.

The financial institution just isn’t new to crypto and presents a variety of providers, together with digital asset custody, a buying and selling alternate for safety tokens, and a portfolio administration app for each conventional and crypto property.

A latest report by the financial institution highlighted the rising curiosity within the crypto market from retail traders, high-frequency merchants, and hedge funds.

Nansen’s revelations of DBS’ ether holdings come because the crypto market patiently awaits the debut of spot ether exchange-traded funds within the U.S., that are anticipated to spice up the cryptocurrency’s mainstream institutional adoption.

Since 2020, a number of listed companies have turned to crypto, primarily bitcoin, to diversify their reserves. Bitcoin ETFs started buying and selling within the U.S. in January.

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