Dear Industry Partners and Clients,
2024 started with a notable development with the Bitcoin ETF approval, as many would agree. It is only the first month of the year and I am expecting no less for the upcoming future.
Market Review
The global digital asset custody market is projected to reach US$80 billion in 2024. Driven by key events like the recent approval of spot Bitcoin ETFs in the US, which saw Bitcoin rally past $47K, alongside ongoing M&A activity in the ETF space signifying growing industry consolidation. Bitcoin and Ethereum Futures see volumes grow as market events such as the Bitcoin halving and the adoption of CBDCs approaches.
This exponential growth underscores the escalating need for secure and reliable custodians, entrusted with safeguarding these digital assets. Rakkar Digital's role as custodian has never been more critical. We are committed to showcasing a proactive approach to addressing the escalating demand for secure, compliant and reliable services.
Latest Initiatives and Partnerships
Highlights from Fintech Finance News Interview
As we embark on the journey into the coming month, I want to also update our community on our recent initiatives and endeavours. I recently had the honour of participating in an enlightening interview with Fintech Finance News, where I had the opportunity to articulate our vision for a future where digital assets are secure and globally accessible. This interview served as a significant platform to showcase our dedication to shaping the evolution of the digital asset landscape.
Strategic Partnership with Ondo Finance
Moreover, I am delighted to announce our strategic partnership with Ondo Finance as Rakkar Digital takes on the role of custodian partner within their latest Ondo ecosystem, alongside big names such as Blackrock, Morgan Stanley and Ethereum. This partnership allows Ondo Finance clients to benefit from our secure, compliant, and agile custodianship, instilling confidence in their digital asset journey.
Official Custodianship of InnovestX
In addition to our strategic partnership, I am delighted to share the exciting news that Rakkar Digital is the official custodian of InnovestX, the financial investment flagship under SCBX Group, as the provider of institutional digital asset custodianship. Our security-first and compliant approach, fortified by advanced MPC-CMP technology, asset segregation, bankruptcy remote mechanisms, and asset insurance, aligns seamlessly with InnovestX's commitment to maintaining a bank-grade asset security infrastructure. This collaboration underscores our dedication to enhancing InnovestX's digital asset journey, ensuring it remains secure, compliant, and seamlessly agile.
Foreseeing Next Month
Looking ahead to the coming month, I am thrilled to also share some exciting developments and achievements we have been preparing behind the scenes. In an era where the digital ecosystem is rapidly gaining momentum, I believe that staying ahead of the curve is crucial to building a secure and resilient future.
Thank you for being an integral part of our journey as we start off the year on an invigorating note. I would like to encourage you to stay connected through our communication channels as we unveil these exciting developments. The coming month holds the promise of not just updates but a reaffirmation of our collective commitment to becoming the most secure, compliant and seamlessly agile custodian.
Best Regards,
Arthit Sriumporn
CEO and Founder
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