Singapore’s biggest bank launches crypto trust solution
After posting tenfold crypto volume growth in Q1 2021, DBS Private Bank is expanding its crypto services with a new trust solution.
DBS Private Bank, one of the biggest wealth managers in Asia outside China, has launched a cryptocurrency trust solution amid growing demand for digital assets.
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, The Business Times reports Friday.
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.
“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,” DBS Private Bank group head Joseph Poon said. He said that more clients have expressed interest in investing in crypto or already invested in digital assets. “We expect this trend to accelerate as cryptocurrencies turn more mainstream,” Poon noted.
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. The bank is also working with investment bank JPMorgan and state investment firm Temasek to improve cross-border payments via a new blockchain venture.
Amid growing demand for digital asset exposure, a number of major global banks have moved into the crypto industry this year. Last month, Morgan Stanley added Bitcoin exposure to 12 investment funds after announcing plans to offer crypto services to wealthy clients in March. Major investment bank Goldman Sachs also confirmed its plans to offer crypto-assets to investors starting in Q2 2021.