DBS Private Bank launched the first bank-backed cryptocurrency trust in Asia that enables private banking customers to invest in and manage Bitcoin Bloomberg Report.
According to the report, the trust services are based on DBS Digital Exchange and provide private banking clients with cryptocurrency services for wealth management, including ether, bitcoin cash and XRP in addition to bitcoin. DBS Exchange was launched in December to offer fully integrated cryptocurrency services.
The news is another notable indicator that the demand for Bitcoin is growing significantly.
According to the bank, this new service will allow its customers to hold Bitcoin with confidence in safe custody and management. In the words of DBS Private Bank Group Leader Joseph Poon, “Our trust structure allows clients to comfortably hold these assets with the assurance that they will be securely managed and given to their intended beneficiaries.” Bloomberg.
Bloomberg reported that DBS ‘digital exchange currently has 120 customers. The company has assets of S $ 80 million (S $ 60 million) in custody, with trading volume increasing tenfold to S $ 30 million to S $ 40 million.