Dear Industry Partners and Clients,
As we navigate the dynamic world of digital assets in February 2024, I’m writing to share my thoughts on the current market landscape and what lies ahead for Rakkar Digital, Asia’s leading qualified digital assets custodian.
Market Review
The recent approval of a Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission in January 2024 has a great optimistic impact on the market. This approval opens new avenues for investment in cryptocurrencies and attracts more traditional investors to enter the space. With the approval of a Bitcoin ETF, the stage is set for further expansion, potentially paving the way for an Ethereum ETF and other similar opportunities in the future. In addition to the Bitcoin ETF approval, Bitcoin price has climbed past $63,000
for the first time since December 2021 taking its market cap to over $1 trillion. Adding to the momentum, a recent report released in Q4 2023 on venture capital activities also highlights a significant increase in venture capital funding in the crypto sector. This influx of capital further demonstrates the growing mainstream acceptance and interest in blockchain technology and digital assets. Additionally, BlackRock's bitcoin ETF (IBIT) has broken volume records, trading $3.3 billion worth of shares, doubling its previous record. This heightened trading activity underscores the significant demand and enthusiasm surrounding cryptocurrency investments, particularly with the introduction of accessible investment vehicles like ETFs.
These developments underscore the increasing acceptance and maturation of the digital asset markets, signalling exciting times ahead.
Noteworthy Milestones and Insights
As we inch closer to the Bitcoin halving event, it is exciting to see how the market will unfold. As industry enthusiasts, we are constantly hit with a boost of adrenaline as the market runs faster than ever before. A part of my role as founder and CEO of a digital asset custodian business is to ensure agility for our institutional clients in a dynamic market like ours.
Rakkar Digital empower our clients to get in and get out faster than the market due to the industry-leading agility advantage we offer. Comparing to major custodians with up to 48 hours of service level agreements (SLAs), our historical average time on cold storage transaction processing is only at 2+ hours, greatly reducing portfolio exposure and execution speed.
Achieving SOC 2 Type 2 Compliance
Apart from driving value where it matters most, we continue to strengthen our foundation in security, governance and compliance. One notable achievement is that we have successfully completed the SOC 2 Type 2 audit. The achievement is a testament to our unparalleled commitment to asset security and trust for our institutional clients.
The SOC 2 Type 2 attestation represents a rigorous evaluation of our internal controls and processes, ensuring that we adhere to the highest standards of security, availability, processing integrity, confidentiality, and privacy. Proving our clients with added assurance that their digital assets are in safe hands, reinforcing our reputation as a secure and compliant custodian in the digital asset space.
Insights from the 4th Annual Technology for Change Asia Summit
I also participated in the 4th Annual Technology for Change Asia in Hong Kong hosted by Economist Impact. Apart from reconnecting with old friends, this event provided a valuable platform for thought leaders and innovators to come together and explore the transformative potential of technology in driving positive change across various sectors. It was an inspiring opportunity to discuss the role of digital assets in shaping the future of finance and showcase Rakkar Digital’s commitment to innovation and security in this dynamic landscape.
Foreseeing Next Month
As we move forward into March, I am filled with confidence in Rakkar Digital’s ability to strengthen our position as Asia’s leading qualified digital asset custodian. We are committed to upholding the highest standards of agility, security, reliability, and innovation. Thank you for your unwavering support and partnership as we continue to navigate and shape the future of digital assets together.
Always available to discuss the forthcoming future over coffee, feel free to drop me a message on LinkedIn.
Best regards,
Arthit Sriumporn
CEO and Founder of Rakkar Digital
