Singaporean Banking Giant Launches Crypto Trust Solution

Singaporean banking giant DBS Private Bank has launched its crypto trust solution.
Clients can now invest and manage their own crypto asset portfolio.
DBS Private Bank earlier released a members-only crypto exchange service.

Singaporean banking juggernaut DBS Private Bank announced the launching of its very own trust solution for cryptocurrencies. Through its own trust firm DBS Trustee, clients will be able to invest and manage their own crypto asset portfolio.

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According to Singapore-based publication The Business Times, DBS clients can avail of the said service for four cryptocurrencies, namely Bitcoin, Ethereum, Bitcoin Cash, and XRP. These are also the cryptocurrencies available at the bank’s crypto exchange platform which can be accessed exclusively by members.

DBS Private Bank Group Head Joseph Poon said,

In recent years, more clients have expressed interest or are already invested in digital assets, and we expect this trend to accelerate as cryptocurrencies turn more mainstream. 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.

The bank also reported that it held 80 million SGD in assets in custody during the first quarter of 2021. Its over 120 clients also traded crypto worth 30-40 million SGD during the said period.

In another news, Bitcoin continues to struggle at the $50,000 resistance level after Tesla CEO Elon Musk halted BTC payments for its electric car products. Meanwhile, other altcoins which were previously affected by the news began to recover their positions. These include Dogecoin (DOGE), Cardano (ADA), and Ripple (XRP).