DBS Private Bank – among the largest wealth managers in Asia apart from China – has reportedly rolled out a crypto trust tool, in response to the surging demand for crypto assets. 

Specifically, after the finalization of its self-developed crypto exchange platform in December last year, the banking heavyweight from Singapore is reportedly looking to widen the scope of its crypto offerings, through its wholly-owned trust firm – DBS Trustee. 

The new crypto trust solution reportedly equips the firm’s private banking customers to carry out investing, custodian, and crypto management. 

The trust is reportedly making facilitation available for four virtual coins, including Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH) – which are the only crypto coins supported on the DBS Digital Exchange.

“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. We expect this trend to accelerate as cryptocurrencies turn more mainstream,” DBS Private Bank group head Joseph Poon reportedly remarked regarding additional customers who are keen on investing in crypto or already invested in digital assets. 

DBS’s freshly rolled out crypto trust solution reportedly surfaced following the firm has experienced a ten-fold increase in volume, across its crypto exchange platform, during the first quarter of this year. 

As included in its long-term crypto-associated plans, DBS is reportedly planning to host a security token offering in the second quarter of 2021. 

The bank is further collaborating with investment bank JPMorgan and state investment entity Temasek to enhance cross-border payments, using a new blockchain venture.