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.
DBS Private Bank Launches Crypto Investing and Custody Solutions
Last Updated: 14 May 2021
DBS Private Bank has launched a new crypto trust solution. The move comes amid high demand for digital assets from the bank’s high net worth clients.
The new service will provide its clients will a comprehensive service that encompasses investment and custody solutions in what the bank describes as a safe, secure and structured offering.
DBS Private Bank is one of the largest wealth managers in the Asian region. The bank reported an impressive record for its first quarter of 2021 in its trade volumes, with the numbers increasing by almost 10 times.
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