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Dear industry partners and clients,
Market Review
July 2024 has been another landmark month for the digital asset market, marked by significant advancements and strategic movements. Last week’s introduction of spot Ethereum ETFs sparked significant speculative activity in the digital asset market. This development reflects a broader acceptance and integration of cryptocurrencies into mainstream financial systems. Investors are increasingly viewing digital assets not just as speculative tools but as legitimate investment vehicles with potential for significant returns.
Additionally, Goldman Sachs’ entry into the tokenized asset arena with its blockchain-based bond issuance demonstrates the financial giant’s commitment to leveraging blockchain technology to enhance traditional financial instruments. This pioneering move is expected to set a new standard for digital financial products, providing increased transparency, efficiency, and accessibility.
These collective advancements underscore the ongoing evolution of the digital asset market, emphasizing the importance of robust infrastructure, strategic alliances, and regulatory progress in shaping the future of finance.
July 2024 Milestones
July represents one of the most significant months of date with many key milestones met.
Bitkub names Rakkar as Digital Asset Custodian
I am proud to announce that Rakkar has been selected as custodian of our newest clients, Bitkub Exchange, Thailand’s largest digital asset exchange. This underscores Rakkar’s commitment to security and operational excellence, providing unparalleled security and reliability to their millions of Bitkub’s users while adhering to SEC regulations. With Rakkar Digital’s 24/7 support and rapid cold wallet processing, Bitkub now benefits from enhanced treasury management capabilities and unmatched operational agility.
Gemini and Rakkar Collaborates to Advance Institutional Digital Asset Adoption in Asia
I am also thrilled to share - Gemini, a leading cryptocurrency exchange regulated by the New York State Department of Financial Services (NYDFS), and Rakkar have announced a strategic collaboration to advance digital asset adoption across Asia. This partnership will enable Rakkar’s custodial clients to access Gemini’s advanced trading capabilities, enhancing liquidity, pricing, and overall trading experience. This alliance aims to empower institutional investors with greater market accessibility and opportunities in the evolving digital asset landscape.
Rakkar Completes SOC 1 Type 1 Security Audit
The first key achievement for Rakkar this month is the successful completion of the SOC 1 Type 1 security audit. This reaffirms our dedication to security excellence and regulatory compliance, further solidifying our leadership in the digital asset custody space.
Rakkar Announced as Finalists for Asia Fintech Awards 2024
Additionally, Rakkar has been announced as a finalist in the Asian Fintech Awards, across 3 categories. This recognition highlights our commitment to providing top-tier custodial services and innovation solutions in the rapidly evolving fintech industry.
Rakkar is the Sole Custodian in Asia selected for Fireblocks Global Custodian Partner
Additionally, we would like to inform that Rakkar Digital is now a Fireblocks Global Custodian Partner. As one of the first partners in the program, and the sole strategic partner in Asia, I look forward to offering our institutional clients access to a seamless solution that drives capital efficiency without compromising on asset security and compliance.
July has been an exciting month for myself and the team, and at times like this, we are reminded yet again by our esteemed clients and industry friends on the vision and why we do what we do.
As we close the first month of this quarter and look ahead to August, Rakkar remains committed to advancing our strategic initiatives and exploring new opportunities to further our impact in the digital asset space.
Warm regards,
Arthit Sriumporn
Founder and CEO of Rakkar Digital
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