DBS Private Bank announced today (May 14) that it has launched a trust solution for cryptocurrencies via the bank’s wholly-owned trust company, DBS Trustee.
This will allow its private banking clients to invest, custodise and manage digital assets. Previously, this was only accessible only to institutional and accredited investors.
The trust offering applies only to Bitcoin, Ether, Bitcoin Cash and XRP, which are the four cryptocurrencies hosted on the DBS Digital Exchange.
DBS Private Bank has launched a trust solution for cryptocurrencies via the bank’s wholly-owned trust company DBS Trustee to allow its private banking clients to invest, custodise and manage digital assets.
While announcing its latest earnings, DBS CEO Piyush Gupta also shared insights into its cryptocurrency digital exchange which was launched last year.
According to DBS, the digital exchange, has a daily trading volume between S$30-S$40 million dollars. It currently has 120 investors onboard.
In comparison, Binance, the world’s largest cryptocurrency exchange, has a daily trading volume of US$46 billion. The second largest exchange, Coinbase, has a daily trading volume of US$6 billion.
The move to launch its trust solution comes with the rapid growth in interest in cryptocurrency investments. Many private banks are also adding services to cater to rising interest for crypto assets among high-net-worth clients.
Earlier this year, Morgan Stanley became the first US bank to offer wealthy clients access to Bitcoin funds. Goldman Sachs has also announced plans to offer Bitcoin and other digital assets this quarter.
“In recent years, more clients have expressed interest or are already invested in digital assets, and we expect this trend to accelerate as cryptocurrencies turn more mainstream. 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,” said Joseph Poon, group head DBS Private Bank in a press release.
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