DBS Private Bank, Singapore’s largest bank, has a cryptocurrency trust solution amid growing demand for digital assets.
It has been reported that after setting up its own crypto exchange in December 2020, the Singaporean banking giant is now expanding its crypto services via its wholly-owned trust company DBS Trustee.
However, the new crypto trust solution allows the company’s private banking clients to invest, custody, and manage cryptocurrencies. The trust offering supports four cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH), which are the sole digital assets hosted on the DBS Digital Exchange.
Joseph Poon, the Group Head of DBS Private Bank, said:
“Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries. We expect this trend to accelerate as cryptocurrencies turn more mainstream.”
The report said that DBS’ newly launched crypto trust solution comes shortly after the company recorded tenfold volume growth on its cryptocurrency exchange in the first quarter of 2021. As part of its further crypto-related plans, DBS is looking to host a security token offering in the second quarter of 2021.
Singaporean banking giant DBS Private Bank launches a crypto trust solution via its wholly-owned trust company DBS Trustee. https://t.co/LRtccHPuEq — Cointelegraph (@Cointelegraph) May 14, 2021
The bank is also working with investment bank JPMorgan and state investment firm Temasek to improve cross-border payments via a new blockchain venture.
A number of major global banks have moved into the crypto industry this year, amid growing demand for digital asset exposure. Last month, Morgan Stanley added Bitcoin exposure to 12 investment funds after announcing plans to offer crypto services to wealthy clients in March.
Thus, major investment bank Goldman Sachs also confirmed its plans to offer crypto-assets to investors starting in Q2 2021.