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According to a recent report by Nansen, the most important bank in Singapore, DBS, establishes itself as the largest investor in Ethereum with an investment of 650 million dollars in ETH.
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Summary
The strategy of the bank DBS in the Ethereum market
As anticipated, DBS, the main bank of Singapore, has been identified as one of the largest holders of Ether (ETH) by the on-chain analysis company Nansen.
According to reports, the blockchain address associated with DBS holds 173,753 ETH, worth approximately 647 million dollars at the current price of 3,730 dollars per Ether.
I dati di Nansen mostrano anche che l’indirizzo ha generato oltre 200 milioni di dollari di profitto dalle sue partecipazioni in ether.
Ether, the native token of the Ethereum blockchain, has gained notable popularity in recent years. Thus becoming the preferred choice by investment banks for the tokenization of capital markets.
DBS, already experienced in the criptovalute sector, offers various services, including the custody of digital assets, a trading platform for security tokens, and a portfolio management app for traditional and cryptographic assets.
The involvement of DBS in the cryptocurrency market reflects a growing interest from various players, including retail investors, high-frequency traders, and hedge funds, as highlighted in a recent report by the bank.
La rivelazione delle significative partecipazioni in ether di DBS da parte di Nansen arriva in un momento di attesa per l’introduzione di exchange-traded fund (ETF) spot di ether negli Stati Uniti. I quali potrebbero favorire una maggiore adozione istituzionale della criptovaluta.
The finance experts embrace cryptocurrencies
In recent years, several publicly traded companies have turned to cryptocurrencies, particularly Bitcoin, to diversify their reserves. Bitcoin ETFs began trading in the United States in January, marking a milestone for the sector.
Last year, DBS announced a bull solution for bear collection in digital yuan for corporate clients. This allows companies in mainland China to receive payments in the central bank’s digital currency.
La piattaforma di riscossione di DBS consente alle aziende di effettuare il regolamento automatizzato di e-CNY sui propri conti di deposito bancari.
The banca had also planned to launch a trading desk di criptovalute for retail sales, but gave up due to increasing regulatory scrutiny after the collapse of FTX.
According to a recent report by Seedly e Coinbase, conducted in the fourth quarter of 2023 and involving over 2,000 adults, 57% of financially savvy Singaporeans currently own digital assets, seeing them as the future of finance.
Most of the respondents have invested between 1,000 and 25,000 dollars. Singapore is actively engaged with global financial authorities in the field of digital currencies.
In September 2023, the Monetary Authority of Singapore (MAS) completed a joint test for the cross-border trading and settlement of wholesale central bank digital currencies.
CIò in collaborazione con la Banca dei regolamenti internazionali e le banche centrali di Francia e Svizzera.
Moreover, in July, Singapore announced its intention to impose a trust requirement on cryptocurrency exchanges to instill greater security in the market and protect investors from potential losses.
Wood di ARK in merito all’approvazione dell’ETF su Ethereum
ARK Invest CEO, Cathie Wood, recently spoke about the unexpected progress in the approval of key documents for Ethereum exchange-traded funds (ETF).
During the Consensus 2024, Wood emphasized how cryptocurrencies have become a relevant topic in U.S. politics. Wood explained that, initially, the approval of an ETF on Ethereum seemed unlikely.
Tuttavia, il cambiamento di sentiment attorno al Financial Innovation and Technology for the 21st Century Act (FIT21) ha suggerito possibili evoluzioni.
Recently, this act has gained bipartisan support in the House, making cryptocurrency a potential electoral issue. Additionally, former president Trump has announced the acceptance of electoral donations in cryptocurrency, receiving significant attention.
Besides discussing the Ethereum ETF, Wood hinted that the approval of an ETF onSolana would be a big surprise.
Tuttavia, non ha commentato la possibilità di approvazione per fondi focalizzati sulle meme coin, affermando che le principali società di brokeraggio e consulenza per gli investimenti preferiscono le criptovalute più consolidate.
Wood reiterated ARK’s conviction that Bitcoin is a public good and announced that ARK will donate a portion of the revenues from its private fund to support Bitcoin developers.
Despite the growing popularity of Ethereum, Wood continues to predict that Bitcoin could reach 1.5 million dollars by 2030.