One of the biggest wealth managers in greater Asia outside China, DBS Private Bank, has now launched a crypto trust solution amid increasing demand for digital assets. After it set up its crypto exchange in December last year, the Singapore-based banking behemoth is now expanding its cryptocurrency offerings through its entirely-owned trust firm DBS Trustee, according to The Business Times reports of May 14.
After it posted tenfold crypto volume growth in Q1 2021, DBS Private Bank is focusing on expanding its crypto services through a new trust solution. This solution enables the firm’s private banking clients to invest, custody, and even manage cryptos.
Reports indicate that the trust offering supports four cryptos including Ether (ETH), Bitcoin (BTC), Bitcoin Cash (BCH), and XRP. These are the sole digital assets that are hosted on the DBS Digital Exchange. DBS Private Bank group head Joseph Poon 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 added that more clients have expressed their interest in investing in cryptocurrency or have already invested in digital assets. Poon added:
“We expect this trend to accelerate as cryptocurrencies turn more mainstream.”
DBS’s newly launched crypto trust solution comes briefly after the firm recorded tenfold volume growth on its crypto exchange in Q1 2021. As part of its increased crypto-related plans, DBS is seeking to host a security token offering (STO) in Q2 2021. The bank is also with JPMorgan investment bank and state investment firm Temasek to enhance cross-border payments through a new blockchain venture.
Amid increasing demand for digital asset exposure, several global banks have moved into the crypto sector in 2021. In April, Morgan Stanley added some Bitcoin exposure to 12 investment funds after announcing its plans to offer crypto services to wealthy clients in March. Also, Goldman Sachs confirmed its plans to offer crypto-assets to investors starting in the second quarter of 2021.