Founder’s Note: June 2024

Dear industry partners and clients,  

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Market Review

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June 2024 has proven to be a transformative period for the digital asset market, characterized by several pivotal developments. Franklin Templeton’s expansion into blockchain operations and its eagerly anticipated Ether ETF approval highlight its strategic embrace of digital assets, positioning the firm at the forefront of blockchain innovation. Additionally, the partnership between State Street Global Advisors and Galaxy Asset Management aims to revolutionize investor access with new digital asset ETFs, offering exposure beyond cryptocurrencies and into the broader digital asset ecosystem. This collaboration promises to educate and empower investors seeking diversified portfolios in this rapidly evolving space.  

Moreover, HSBC’s significant investment in Marketnode is another milestone, aimed at bolstering digital market infrastructure across the Asia-Pacific region. This move not only underscores HSBC’s commitment to advancing financial technology but also reflects growing institutional confidence in digital assets as viable investment vehicles. These collective initiatives mark a critical evolution towards greater market integration and expanded investor participation, underscoring the increasing importance of robust digital infrastructure and comprehensive exposure strategies in navigating the digital asset landscape.  

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Happenings in June

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Our Strategic Partnership with DigiFT

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We have announced a strategic partnership with DigiFT, a MAS-regulated Capital Markets Services (CMS) license holder and Recognised Market Operator (RMO). DigiFT is the first regulated exchange on the public blockchain dedicated to real-world assets (RWA). This collaboration aims to drive institutional adoption of tokenized RWAs by combining Rakkar’s top-notch custody services with DigiFT’s groundbreaking RWA exchange. The partnership is set to establish a robust ecosystem for institutions to confidently enter the world of digital assets, with Rakkar’s secure custody solutions safeguarding tokenized real-world assets like DigiFT’s USD treasury bills, bank bonds, and money market funds. Availability of custody of such assets is subject to local jurisdiction and corresponding regulations.

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Exclusive VIP Dinner with Figment

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On June 27^th, 2024, we had the privilege of hosting an exclusive dinner in collaboration with Figment at one of Singapore’s most prestigious skyline locations, as a sequel to the partnership announcement with Figment. The event was designed to bring together a distinguished group of industry leaders, innovators, and key stakeholders in the digital asset space.  

The primary focus of the event was our strategic partnership with Figment, which allows clients to stake their digital assets with Figment through our platforms seamlessly. The availability of such staking services is subject to local jurisdiction and corresponding regulations. This collaboration aims to enhance the staking experience by providing secure, efficient, and user-friendly solutions for managing digital assets.  

The exclusive dinner was a resounding success, strengthening relationships, sparking new ideas, and setting the stage for future developments in the digital finance sector.  

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Recent Recognition and Regulatory Update

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Additionally, we have been featured as one of only four custodians from Singapore on The Tokenizer 2024 Who’s Who Guide, recognizing us as a trusted digital asset custodian for institutions.  

We are also pleased to announce that Rakkar has been granted temporary exemption from holding a license under the PS Act by Monetary Authority of Singapore (MAS), for the payment services caught under the expanded scope of regulated activities for a specified period. This exemption allows us to continue providing uninterrupted custody services while we progress with our license application.  

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Foreseeing July

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As we look ahead to July 2024, we anticipate a continuation of the dynamic momentum within the digital asset market. Our focus will be on further strengthening our strategic partnerships and exploring new opportunities to enhance our service offerings. Here’s a glimpse of what’s on the horizon:

We are planning to introduce new features and enhancements to our custody solutions, aiming to expand our product offerings for our clients to achieve capital efficiency while keeping their assets safe and secure. Moreover, we will continue to monitor regulatory changes and adapt our strategies to align with evolving standards, ensuring our services meet the highest regulatory requirements.  

As we move forward, our commitment to excellence, security, and innovation remains unwavering. We are excited about the future and look forward to continuing our journey with our valued clients and partners. Stay tuned for more updates and advancements as we strive to lead the way in the digital asset industry.  

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Warm regards,  

Arthit Sriumporn

Founder and CEO of Rakkar Digital