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 , valued at around $650 million at the current market price.Nansen’s analysis states that the address, flagged on May 30, has already generated a paper profit of $200 million from its Ether holdings.Whale holding 173.
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. Furthermore, its Chinese subsidiary, DBS Bank China, introduced an e-CNY merchant solution for businesses to accept payments in the central bank digital currency . The bank also provides trading exchanges for security tokens and a portfolio management app catering to traditional and DeFi assets.
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