DBS Private Bank has launched a bank-backed trust to manage bitcoin for clients, the first such product in Asia.
DBS Private Bank has launched the first bank-backed cryptocurrency trust in Asia, which will allow private banking clients to invest in and manage bitcoin, according to a Bloomberg report.
Per the report, the trust services are built on DBS Digital Exchange and it would be offering cryptocurrency services to private banking clients for asset management, including for 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 noteworthy indicator that demand for bitcoin is growing significantly.
According to the bank, this new service will allow its customers to be able to hold bitcoin with confidence about its custody and management. In the words of the group head of DBS Private Bank, Joseph Poon, “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,” according to Bloomberg.
Bloomberg reported that DBS’s digital exchange currently has 120 clients. The firm holds “S$80 million ($60 million) in assets under custody, with trading volumes up 10-fold to S$30 million to S$40 million.”