DBS Launches Crypto Trust in a First for Asia

During a recent earnings call, the bank said it had $80 million in assets under custody and $23-$30 million trading volume amongst its 120 clients.


Source: Shutterstock


key takeaways

key takeaways

  • DBS announced it would support bitcoin, ether, bitcoin cash and XRP in its trust offering
  • During an earnings call in late April, the bank said that its digital asset trading business is building “steadily”

Singapore-based DBS Bank, one of Southeast Asia’s largest by market cap, announced Friday that it had launched a crypto trust offering, allowing clients of its digital assets exchange business to custody their crypto with the bank. 

“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,” said Joseph Poon, group head of DBS Private Bank, in a statement. “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.”

During a recent earnings call, the bank said it had $80 million in assets under custody and $23-$30 million trading volume amongst its 120 clients. While these numbers might seem small, the bank said that its very selective on whom it brings on and the product offering is targeted towards professional investors and wealth managers. 

As of now its trust and exchange business is limited to four crypto assets — bitcoin, ether, bitcoin cash and XRP — and the Singapore dollar, Hong Kong dollar, US dollar and Japanese yen as fiat trading pairs. 

The bank intends to offer a security token offering later this year, and expand its trading hours to overlap with the US work day. 


Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. What you can expect: And more! Don’t miss out on the opportunity to be in the room when the future of crypto is decided. Join us and help shape the future of our […]

recent research

Research report - cover graphics-2.jpg


Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as friend.tech which has seen significant traction.


On Thursday, a panel of judges denied Sam Bankman-Fried’s appeal to be released ahead of trial


Eclipse will use Solana’s virtual machine for execution, Ethereum for settlement, Celestia for data availability and Risc Zero for proving


Europe-based crypto ETP specialist looks to offer qualified US investors bitcoin and ether strategies amid “the long-awaited return of interest rate-driven volatility”


Avalanche, Arbitrum, Optimism and Polygon are some notable additions to Google’s data analytics service


ByBit made the announcement a day after the FCA gave crypto companies ‘a final warning’


Billionaire venture capitalist Tim Draper initiates new crypto accelerator despite frosty market environment