DBS Private Bank is one of the largest asset managers in Asia outside of China. They have now announced that they have launched a crypto trust solution. This is in the midst of the ever-increasing demand for digital assets in Asia.
It initially supported four cryptocurrencies
Earlier, in December 2020, the bank had already set up a crypto exchange. Now the banking giant is expanding its crypto services with its fully trusted company, DBS Trustee. The new cryptocurrency trust allows DBS customers to invest in cryptocurrencies. They can also store and manage it themselves. Initially, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Ripple (XRP) cryptocurrencies will be offered. This offer may be modified or changed in the future, but there are no specific plans yet. Joseph Boone, president of DBS Private Bank Group, said the following about the newly launched crypto fund:
“Our trust structure makes it easy for clients to hold these assets, while ensuring they are safely managed and transferred to the intended beneficiaries. We expect this trend to accelerate as cryptocurrencies become more popular.”
The expansion was not at all unexpected
It is not entirely unexpected that the banking giant will now expand its crypto services. The company witnessed a significant increase in cryptocurrency trading volume in the first quarter of this year. This volume is said to have increased tenfold compared to the previous year. The bank is reportedly planning to host a security token on the cryptocurrency exchange in the second quarter.
In addition, the bank entered into a partnership with investment bank JP Morgan and state investment company Temasek. Together, they plan to improve cross-border payments with a new institution focused on blockchain.