May 14, 2021
DBS Private Bank has launched a bank-backed trust to manage bitcoin for clients, the first such product in Asia.
DBS Private Bank has launched the first bank-backed cryptocurrency trust in Asia, which will allow private banking clients to invest in and manage bitcoin, according to a
Per the report, the trust services are built on DBS Digital Exchange and it would be offering cryptocurrency services to private banking clients for asset management, including for ether, bitcoin cash and XRP in addition to bitcoin. DBS Exchange was launched in December to offer fully integrated cryptocurrency services.
The news is another noteworthy indicator that demand for bitcoin is growing significantly.
DBS Private Bank Launches Asia’s First Bank-Backed Crypto Trust Service
3 hours ago by Kofi Ansah · 3 min read
Photo: Depositphotos
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Digital assets currently hosted on the Singapore-based bank’s digital asset exchange are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and XRP.
DBS Private Bank has unveiled Asia’s first trust services for cryptocurrencies backed by a bank. The Singapore-based bank stated on Friday that, its private banking sector has begun offering trust services for crypto, helping wealthy clients include digital assets in their wealth succession plans. Alongside the option of investing in digital assets, DBS Private Bank’s crypto Trust service also offers clients the ability to store and manage up to four of such assets via the bank’s licensed trust company DBS Trustee, according to a press release on Friday. Digital assets currently hosted on the Singapore-based bank’s digital asset exchange
DBS rolls out the first bank-backed crypto trust solution in Asia
May 14, 2021
Reportedly, the solution will let investors custodize, manage, and invest in up to four cryptos.
Per DBS’ Group Head, this solution seeks to serve the expanding population of crypto adopters.
DBS, a Singapore-based private bank has launched the first-ever bank-backed crypto trust in Asia. The bank reached this milestone by leveraging its fully-owned subsidiary, DBS Trustee. Through this launch, the bank seeks to offer its private banking clients an opportunity to invest, custodize, and manage up to four digital currencies in an organized manner.
According to the report, this solution will run on the DBS Digital Exchange (DDEX), which went live in December last year. By leveraging DDEX, the bank’s institutional investors and accredited investors will get to work with an all-inclusive platform for crypto trading, tokenization, and custody.