DBS Private Bank, one of the largest asset managers in Asia outside China, has launched a cryptocurrency trust solution in increasing demand for digital assets.
After establishing its cryptocurrency exchange in December 2020, Singapore banking giant is now expanding crypto services through its subsidiary DBS Trustee, The Business Times reported on Friday.
A new solution for trust management of cryptocurrencies enables customers in the company’s banking services to invest, store and manage cryptocurrencies. The trust offering supports four cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Cash (BCH), which are the only digital assets listed on the DBS digital exchange.
“Our trust structure enables clients to keep these assets comfortable with the confidence that they will be managed safely and transferred to their intended recipients,” said Joseph Bonn, President of DBS Private Bank Group. He said several customers have expressed interest in investing in cryptocurrencies or have already invested in digital assets. “We expect this trend to intensify as cryptocurrency becomes commonplace,” Boone said.
DBS’s recently launched cryptocurrency solution came shortly after the company registered a tenfold increase in cryptocurrency exchange in the first quarter of 2021. As part of its additional plans related to cryptocurrency, DBS plans to hold a presentation of security tokens in the second quarter of 2021. It works. The bank is also collaborating with the investment bank JPMorgan and the state investment company Temasek to streamline cross-border payments through a new blockchain project.
Amid growing demand for digital assets this year, a number of major global banks have moved into the crypto industry. Morgan Stanley added bitcoin to 12 funds last month after announcing plans to introduce crypto services to wealthy customers in March. The major investment bank Goldman Sachs has also confirmed plans to offer cryptoassets to investors from the second quarter of 2021.