Singapore's largest bank DBS owns a "whale" wallet of 640 million USD ETH

Singapore's largest bank DBS was "exposed" by Nansen as the owner of a wallet address of more than 173 thousand ETH, worth 640 million USD.

On the afternoon of April 30, 2024, on-chain analysis platform Nansen "revealed" the identity of a "huge" Ethereum wallet address.

Specifically, wallet 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e is holding up to 173,753 ETH, worth 647 million USD at the time of writing.

Nansen also revealed that this wallet has earned a profit of up to 200 million USD - nearly 30% of the wallet value - just by holding Ether.

But most notable is the identity of the owner of the wallet: Singapore's largest bank DBS. This is a bank actively involved in the cryptocurrency sector, providing a range of services from custody, trading to portfolio management applications.

However, the fact that a traditional institution holds a large amount of tokens is a welcome sign. Under Nansen's post, some speculated that this was more likely to be holdings on behalf of bank customers, and not actually DBS assets.

As reported, DBS operates a crypto exchange serving institutional investors and licensed individual investors from 2022. It is expected that wallet 0x9e927c used to store Ether assets for the exchange's customers is also understandable thing.

Meanwhile, the US market is preparing to pour money into Ethereum spot ETFs when this investment tool has just been given the green light by the SEC.

ETH price is currently fluctuating around 3,730 USD, not much change in the past 24 hours.