Crypto trust solution launched by Singapore’s biggest bank

A cryptocurrency trust solution amid growing demand for digital assets has been launched by DBS Private Bank, one of the biggest wealth managers in Asia outside China

The Singaporean banking giant is now expanding its crypto services via its wholly-owned trust company DBS Trustee, after setting up its own crypto exchange in December 2020, according to the reports on Friday from The Business Times.

The company’s private banking clients to invest, custody and manage cryptocurrencies with the new crypto trust solution.

Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH), which are the sole digital assets hosted on the DBS Digital Exchange and of which trust offering supports

“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.

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