Southeast Asia s Largest Bank DBS Launches Trust Service for Cryptocurrencies
DBS Group, Southeast Asia’s largest bank, has launched a trust service for cryptocurrencies for its private banking clients. The service allows clients to invest, store, and manage their cryptocurrencies in a safe, secure, and structured manner, the bank explained.
DBS’ New Cryptocurrency Trust Service
DBS Group said Friday that its private banking arm, DBS Private Bank, has started offering a trust service for cryptocurrencies. The service allows private banking clients to invest, store, and manage their cryptocurrencies in a safe, secure, and structured manner, DBS Group explained.
The offering applies only to cryptocurrencies supported by the bank’s crypto exchange launched in December last year for institutional clients and accredited investors. They are bitcoin, ether, bitcoin cash, and XRP.
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.
Synopsis
This is the latest move into cryptocurrencies by Southeast Asia s largest bank, which late last year launched a cryptoexchange for institutional and other accredited investors. Several other banks around the world are cautiously starting to offer crypto-related services, often to their very wealthy clients, drawn by the recent surge in the price of bitcoin and other cryptocurrencies.
AFP
Bitcoin has risen more than 70% so far this year, even after volatility driven by a series of tweets by Tesla CEO Elon Musk.
DBS Group said on Friday its private banking arm has started offering trust services for cryptocurrencies, helping rich clients include the emerging asset class in their succession plans.