- DBS Private Bank launched a bank-backed crypto trust offering
- This is the first bank-backed crypto trust launched in Asia
- The service will handle Bitcoin, Ether, Bitcoin Cash, and XRP
Singapore-based banking firm DBS Private Bank launched the first bank-backed cryptocurrency trust offering in Asia. This service will enable their clients to invest, custodize, and manage their digital assets through their subsidiary, DBS Trustee.
The launched service will only handle Bitcoin, Ether, Bitcoin Cash, and XRP. These cryptocurrencies are listed in the DBS Digital Exchange, another subsidiary of DBS Bank. The exchange offers trading services for these digital assets.
Back in April, DBS Bank reported that they have over $60 million cryptos in custody. The bank reported that its digital exchange subsidiary experienced exponential growth as daily trading volumes increasing by more than 10 times since its launch.
The DBS digital exchange services include spot trading. This includes fiat to crypto pairs. The fiat assets used are SGD, USD, HKD, and JPY.
On the other hand, Bitcoin, Ethereum, Bitcoin Cash, and XRP are the crypto assets integrated. According to the exchange the assets are “integrated with an institutional-grade digital custody service.”
According to the bank, the complex intricacies will be handled by them to spare beneficiaries from having to deal with the complexities that come along with cryptocurrency use.
Critical information access codes, passwords, wallet information, exchanges, and wallet backups would be kept confidential after their clients’ deaths.