March 29, 2024

Founder’s Note: March 2024

As we step into March 2024, the digital asset landscape continues to evolve at a remarkable pace, presenting us with both opportunities and challenges.
Founder’s Note: March 2024

Dear industry partner and clients,  

As we step into March 2024, the digital asset landscape continues to evolve at a remarkable pace, presenting us with both opportunities and challenges.  

Market Review

March has proven to be a month of notable achievements and milestones for digital assets. Bitcoin and Ethereum, the cornerstone assets of the crypto market, continue to show institutional interest, fuelled by the recent launch of spot Bitcoin ETFs and the anticipation of the recent Ethereum’s Dencun upgrade on March 13. Financial institutions in Hong Kong are racing to roll out Ethereum (ETH) exchange-traded funds (ETFs) before the U.S. does, aiming to establish dominance in the crypto market, displaying eagerness to capitalize on the growing demand for digital assets.  

In addition, Thailand's Securities and Exchange Commission (SEC) has made a groundbreaking decision by reversing its ban on Bitcoin ETFs. This move allows institutional investors and very high-net-worth individuals in Thailand to invest in US Bitcoin ETFs through private funds, marking a significant step towards broader adoption and recognition of digital assets in the region.

Furthermore, the London Stock Exchange (LSE) has announced plans to accept applications for Bitcoin and Ethereum exchange-traded notes (ETNs). This decision reflects the LSE's commitment to embracing digital currencies and providing investors with access to innovative investment products, further bridging the gap between traditional finance and the digital asset space.

These are all significant moves made by the respective countries to improve accessibility to the asset class, amping up market confidence as we move towards the halving event.

This Month

As we embark on the journey into the coming month, I want to also update our community on our recent achievements.  

Strategic Collaborations and New Client Ventures

I am delighted to announce our strategic partner with Sensen and our new client, Maxbit. With Sensen’s, a renowned consultancy specializing in fintech and payment solutions, expertise complementing Rakkar Digital’s robust security infrastructure, we are well-equipped to navigate the evolving challenges of the digital asset realm. This collaboration not only underscores our commitment to excellence but also underscores our dedication to fostering trust and reliability in digital asset custodianship.  

We have also been named custodian for Maxbit, a licensed digital brokerage and joint venture of SET-listed PTG Energy, as a trusted custodian underscores our commitment to regulatory adherence and our capacity to support licensed entities in navigating the intricacies of the digital asset landscape.

Security Achievement: SOC 2 Type 2 Attestation

Moreover, I am proud to announce that Rakkar Digital has achieved SOC 2 Type 2 attestation, further validating our commitment to stringent security standards and regulatory compliance in safeguarding digital assets.    

Media Engagement

In other noteworthy updates, I recently met with our media friends at CNBC, The Asset and Bloomberg, for a cup of coffee. Through our discussions, I have also noticed that the state of the market is still deeply fragmented, surfacing many opportunities for growth and education.  


Foreseeing Next Month

Looking ahead to the upcoming month, Money 20/20 is happening for the first time in Asia. We will be hosting multiple events in both Singapore and Thailand to gather our old and new friends.  

Amongst the events we are organizing for April, we are particularly excited about our white paper launch event, organized in collaboration with our esteemed partners: Blockchain Association Singapore (BAS), ACCESS Singapore, and Great South Gate (GSG). This event, scheduled for April 11th in Singapore, promises to be an insightful gathering where we will be deep diving into the regulatory landscape for digital asset custody in APAC.  

I am honoured to be invited as a speaker at the 6th Blockchain International Scientific Conference in Singapore on April 19th. It will be a privilege to share insights and perspectives on the future of blockchain technology alongside esteemed experts and researchers.  

Additionally, I am thrilled to announce my participation as a speaker at Southeast Asia Blockchain Week, where I look forward to contributing to discussions on the latest trends and innovations in the blockchain space.

I hope to reconnect with you all online, or at the many events to come, amidst what I am sure will be an exciting April ahead.

Warm regards,  

Arthit Sriumporn

Founder and CEO of Rakkar Digital

About Rakkar

Rakkar stands as Asia's leading qualified digital asset custodian, offering unparalleled asset security to financial institutions. Fortified by our strategic backing from SCB 10X, the investment arm of the Siam Commercial Bank, Rakkar Digital helms the industry’s leading bank-calibre security measures and compliance frameworks. Founded in 2022 and belting esteemed security excellence certifications such as ISO 27001 and SOC 2 Type 1 and Type 2, Rakkar Digital remains unwavering in its mission to offer the most secure, institutional-grade custodian services across Asia.

Disclaimer: Digital assets involve risks; investors should complete independent due diligence and research to carefully make investments according to their own risk profile.
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Date
May 27, 2024
Category
Markets
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