Largest Bank Of Singapore Launches Digital Asset Trust Solution

One of the largest wealth managers in Asia outside China, DBS Private Bank has launched a digital asset trust solution in the midst of surging demand for virtual currencies.

Subsequent to setting up its own digital asset exchange last year, the banking giant is now broadening its digital currency services by means of its wholly-owned trust company DBS Trustee, as per a report published by the Business Times.

The new digital asset trust solution permits the bank’s private banking clients to invest, custody and manage digital assets. The trust offering supports 4 major digital currencies. These include BTC, ETH, XRP, and BCH, which are the only virtual currencies hosted on the DBS Digital Exchange.

Joseph Poon, the head of DBS Private Bank group mentioned,

“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.”

He further mentioned that more clients have shown interest in investing in virtual assets or already invested in cryptocurrencies. Poon noted,

“We expect this trend to accelerate as cryptocurrencies turn more mainstream.”

In the midst of surging demand for cryptocurrency exposure, several key international banks have moved into the digital asset domain this year. Last month, Morgan Stanley added BTC exposure to twelve investment funds subsequent to declaring a proposition to offer digital asset services to wealthy clients in the month of March. Furthermore, Goldman Sachs acknowledged its plans to offer digital currencies to investors beginning in the 2nd quarter of this year.