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Following a tenfold increase in crypto volume in Q1 2021, DBS Private Bank is extending its crypto offerings with a new trust approach.
DBS Private Bank, one of Asia’s largest wealth managers outside of China, has unveiled a blockchain trust solution in response to rising demand for digital assets.
Following the establishment of its own crypto exchange in December 2020, the Singaporean banking giant is now extending its crypto services through its wholly-owned trust company DBS Trustee, according to The Business Times on Friday.
The company’s private banking clients will now invest in, custody, and handle cryptocurrencies thanks to the revolutionary crypto confidence approach. The trust offering funds four cryptocurrencies, which are the only financial assets hosted on the DBS Digital Exchange: Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH).
“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’ recently introduced crypto confidence solution arrives only a few months since the firm saw a tenfold increase in demand on its cryptocurrency exchange in the first quarter of 2021. DBS intends to host a security token offering in the second quarter of 2021 as part of its future crypto-related ambitions. In addition, the bank is collaborating with investment bank JPMorgan and state investment company Temasek on a new blockchain initiative to boost cross-border payments.
A number of big global banks have entered the crypto industry this year in response to rising demand for digital asset exposure. Morgan Stanley extended Bitcoin exposure to 12 investment funds last month, after revealing plans to provide cryptocurrency services to wealthy clients in March. Goldman Sachs, a major investment bank, has already announced that it will begin offering crypto-assets to customers in the second quarter of 2021.