Nansen, a blockchain analytics firm, believes that a single Ethereum address controlling 173,700 ETH, valued at over $650 million, belongs to DBS Bank, Singapore's largest bank.

Is DBS Bank Among the Largest Ethereum Whales?

On X, the analytics platform identified the address “0x9e927…fb8e” as belonging to DBS Bank, drawing significant interest. According to Etherscan, this address is one of the top 40 holders of Ethereum.

DBS Bank stands out in the list alongside top crypto exchanges like Binance and Kraken. This positioning boosts the credibility of the crypto industry. With clearer regulations, especially from U.S. regulators, more institutions might embrace digital assets.

It's unlikely that DBS holds ETH purely as an investment. Last year, the bank launched the DBS Digital Exchange for accredited investors to trade assets like ETH. However, there are restrictions on transferring ETH and other coins in and out of the platform, and U.S. citizens are barred from participating.

The launch of the DBS Digital Exchange shows the bank's confidence in crypto despite its volatility. DBS Bank needs to confirm whether they control the address and if the ETH is their investment or belongs to the exchange. The first transaction to this address occurred 974 days ago, and there have been no transfers since.

Singapore's Crypto Influence in the Asia-Pacific Region

According to Statista, Singapore is a key player in promoting crypto in the Asia-Pacific region, raising over $625 million across 88 deals in 2023. Favorable government policies aim to position Singapore as a leading crypto hub, competing with Hong Kong.

In April, Singapore tightened anti-money laundering measures for crypto firms. The Monetary Authority of Singapore (MAS) revised financial regulations to oversee digital asset custody and cross-border payments more effectively.