With the increasing demand for digital assets, one of the leading wealth managers in Asia except China, DBS private bank has launched a crypto trust solution.
DBS Trustee Launched
Per the business times report today, the Singaporean banking giants launched their crypto exchange in the last month of last year and have now expanded its services through DBS trustee, its own trust company. DBS trustee enables the company’s private clients to invest, store and manage their digital currencies securely. The DBS digital exchange offers its services to the trust and manages the virtual assets stored on it. At the moment, the virtual assets that the trust supports are ripple (XRP), bitcoin cash (BCH), ether (ETH), and bitcoin (BTC).
Several media reports have indicated that finance management giants are planning to provide crypto investment services for the ultra-rich in their society. However, the details and date of the launch of this DBS service are not yet known. Head of the bank’s private group, joseph poon remarked “Our trust structure allows clients to hold these virtual assets with confidence and peace of mind since they are sure it is being well managed and would be passed to the intended recipients.”
He further said that “we are receiving lots of requests from those interested in these services through us, even though some of them have in these assets with other firms. We believe this trend won’t stop anytime soon as there is more adoption of cryptocurrencies finance space.” it would seem that the financial management firm deems it necessary to launch a crypto investment service after the first-quarter results from its cryptocurrency exchange services for this year experienced tenfold volume growth.
DBS also plans to diversify into other services in the crypto space. One such expansion will be the hosting of a security token whose launch is scheduled to take place before the end of this quarter. Also, DBS bank plans to release a blockchain venture that helps it to enhance cross-border payments to work with Temasek (a state investment firm) and JPMorgan (an investment bank)
More Adoption of Cryptocurrencies By Traditional Banks
Several global banks have diversified into the crypto space in the last year due to the increasing popularity of the crypto ecosystem and to gain more exposure for their products and services. In April this year, Morgan Stanley announced that it launched digital currency management services to the ultra-rich clients in march and has already added bitcoin exposure to 12 investment funds. Also, Goldman Sachs, another major investment bank will start offering crypto-asset management services before the end of this quarter. Early this year, Mansur Mohi-Uddin (the chief economist of the bank of Singapore) acknowledged that digital assets could displace gold and other similar assets. But he said that won’t happen unless volatility is significantly reduced and there is a regulatory framework.
The DBS foray into crypto services will see it challenge grayscale investments’ domination of the u.s. Market. However, fund trust margins started declining following the emergence of Canadian competitors and so far, there has been no way that grayscale investments fund could influence the situation.
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