The analytical company Nansen linked the address of the Ethereum whale, which owns 173,700 ETH worth $ 650 million, with the largest Singapore bank, DBS 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
According to the researchers, as of December 31, 2023, DBS owns assets worth SGD 739 billion (~$547 billion).
The bank managed to earn about $200 million on the second largest cryptocurrency by capitalization, according to Nansen.
DBS has long been a proponent of digital assets. In 2021, the financial company launched a DDEx crypto trading platform aimed at institutional investors in Singapore.
In the same year, the Monetary Authority of Singapore granted the bank "in principle" approval to provide cryptocurrency services.
A user under the nickname kirbyong.sismo noted that DBS has a digital asset exchange for accredited investors, and most likely, ETH represent customer funds, and not the investments of the organization itself.
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, 2024Recall that in July 2023, DBS Bank added support for the digital yuan.