DBS Private Bank, a part of the wealth management division of DBS Bank, has launched its own cryptocurrency trust, Bloomberg reports, citing the bank's statement. The trust allows private banking clients to invest and hodl cryptocurrencies under the DBS Digital Exchange structure.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Currently, the trust supports four digital assets: bitcoin (EXANTE: Bitcoin), bitcoin cash (BCH), ether (ETH) and XRP. Joseph Poon, Group Head of DBS Private Bank, says the bank's clients could hodl the assets with a "peace of mind that they will be safely managed and passed on to their intended beneficiaries."
A DBS spokesperson also added that the digital exchange is working on its first security token offering, and plans to expand business hours from Asian time zones to round-the-clock.
Earlier in April, banking giants JPMorgan and DBS teamed up with state-owned investment firm Singapore Temasek to create a new blockchain company to improve cross-border payments. The new company, called Partior, will use blockchain tech and digitize commercial bank money in order to reduce existing friction in cross-border payments, trade transactions and currency settlement.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.