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DBS Launches Asia’s First Bank-backed Crypto Trust Service

Updated: Aug 31, 2024
Published: May 14, 2021
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DBS Private Bank has announced the launch of Asia's first bank-backed trust solution for cryptocurrencies.

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Four cryptocurrencies clients can invest in

Given the rising demand for cryptocurrencies in Asia, DBS's announcement came as no surprise. The trust service will allow private banking clients to invest, custodize and manage these assets in a traditional manner. The service will only apply to the four cryptocurrencies hosted on the digital exchange. These include Bitcoin, Ether, Bitcoin Cash and XRP.

DBS also said the digital exchange is working on efforts to conduct its first security token offering and expand operating hours from Asian time zones all around the globe.

Traditional finance is exploring crypto

Clearly, traditional financial institutions are now increasingly exploring its way into cryptocurrencies. For instance, UBS Group is reportedly in the early stages of planning to offer crypto investments to its wealthy clients. Additionally, Goldman Sachs Group and Morgan Stanley are also boosting their offerings. Besides that, DBS has joined JPMorgan Chase & Co and Temasek Holdings to create a blockchain payments platform.

Undoubtedly, private banks that allow their clients to invest in cryptocurrencies safely, are helping bring new players to the market. Cryptocurrencies are often seen as something fueled by retail investors or traders. But other institutions are slowly changing that image and a good question to ask is how many of their wealthy clients are bullish on crypto.

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