tl;dr
DBS, the largest bank in Singapore, denied holding $650 million worth of ETH on its balance sheet, refuting claims made by blockchain analytics platform Nansen. DBS stated that they do not have the mentioned position on their books. However, Nansen analyst Edward Wilson suggested that DBS may be the...
The Mystery of DBS Bank's Alleged $650 Million ETH Holding Nansen, a blockchain analytics platform, claims that Singapore's DBS bank holds $650 million worth of ETH. However, DBS denies ownership of this substantial ETH position.
DBS, the largest bank in Singapore, has been involved in crypto adoption and digital asset services, but the bank refuted Nansen's claims. DBS stated that they do not have the mentioned position on their books.
Analyst Edward Wilson from Nansen suggested that DBS might be the custodian of the wallet in question on behalf of its clients. DBS has a history of embracing crypto, launching a digital exchange, and adding support for China's CBDC. This expansion includes digital asset custody services.
At present, DBS's shares are trading for $35.85 Singapore dollars, and Ethereum is trading for $3,756.96. Had DBS been confirmed as the whale with $650 million worth of ETH, it would have significantly impacted Ethereum's outlook. The bank, however, denied holding such a position.
Nansen claimed via Twitter that DBS owns the private key of the wallet in question, potentially managing the assets as part of their custody solution. When questioned about this, a DBS spokesperson declined to comment.
DBS, known for its early adoption of crypto, saw its market capitalization grow from $63 billion to $75 billion at the time of the writing. It added support for China's e-CNY and launched the DBS Digital Exchange in 2020, subsequently offering a custody service due to high client demand.
At present, DBS's shares are trading for $35.85 Singapore dollars, and Ethereum is trading for $3,756.96. Ethereum saw a 1.5% drop since yesterday but a 25% gain since last week when Ethereum spot ETFs were approved for trading by the U.S. Securities and Exchange Commission.