Southeast Asia's Largest Bank DBS Launches Trust Service for Cryptocurrencies

DBS Group, Southeast Asia’s largest bank, has launched a trust service for cryptocurrencies for its private banking clients. The service allows clients to invest, store, and manage their cryptocurrencies in a safe, secure, and structured manner, the bank explained.

DBS’ New Cryptocurrency Trust Service

DBS Group said Friday that its private banking arm, DBS Private Bank, has started offering a trust service for cryptocurrencies. The service allows private banking clients to invest, store, and manage their cryptocurrencies in a safe, secure, and structured manner, DBS Group explained.

The offering applies only to cryptocurrencies supported by the bank’s crypto exchange launched in December last year for institutional clients and accredited investors. They are bitcoin, ether, bitcoin cash, and XRP.

Lee Woon Shiu, regional head of family office, wealth planning and insurance solutions at DBS Private Bank, commented:

International regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them.

Earlier this month, DBS said that its first-quarter numbers for its digital asset exchange “have been encouraging.” The bank added: “There are $80 million in assets under custody, trading volumes have gone up 10 times to $30 million – $40 million … We have 120 customers with a pipeline of hundreds more. We hope to do the first security token offering in the second quarter.”