Dear industry partners and clients,
Market Review
May 2024 has been a landmark yet turbulent month for Ethereum and the broader cryptocurrency market. The approval of eight spots for ETH Exchange-Traded Funds by the U.S. Securities and Exchange Commission (SEC) is a historic event that holds promise for future institutional adoption and market growth—Grayscale, Bitwise, BlackRock, Fidelity, VanEck, Ark/21Shares, Franklin Templeton, and Invesco Galaxy. Moreover, the US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), aimed at providing regulatory clarity and consumer protections for the digital asset market. This represents major steps forward in regulatory clarity and institutional adoption.
In addition, Ethereum’s ETF approval sparks significant altcoin gains and sets the stage for future regulatory and market developments. As the digital asset market continues to evolve, regulatory clarity and institutional adoption will play critical roles in shaping its trajectory.
This Month
Client and Partnership Announcement
We are proud to announce our appointment as the digital asset custodian for the Thai Digital Assets Exchange (TDX), a subsidiary of the Stock Exchange of Thailand (SET), underscoring our robust security frameworks and stringent regulatory compliance.
Additionally, we are proud to collaborate with Figment as the leading qualified custodian partner in the APAC region within the Figment network. This partnership allows Rakkar Digital’s institutional clients to access industry-leading rewards through Figment’s comprehensive staking services, including for major digital assets such as Ethereum (ETH), Cardano (ADA), and Cosmos (ATOM), in a secure and compliant manner. Alongside recent collaborations with Ondo Finance and OpenEden, these partnerships enhance Rakkar Digital’s service offerings and market accessibility, solidifying our position as a leading digital asset and crypto custodian in the digital assets space.
Rebranding Announcement
I am also thrilled to unveil our new brand identity includes an enhanced logo, an iconic new colour scheme, and a brand new website. Our new logo features sleek, modern lines and a professional typeface, aligning with the expectations of our professional institutional finance audience. I also like our new colour palette very much, featuring primary blues and touches of bright orange, which conveys our commitment to security and service, essential for our vision to be the leading digital asset custody provider.
I believe the new website will also offer our institutional clients improved navigation and a user-friendly interface, designed to enhance user engagement and provide easy access to information about our services and how we empower your business growth as a digital asset custodian partner.
Foreseeing Next Month
As we look ahead to June, we anticipate continued momentum in the digital asset market driven by recent regulatory advancements. We are preparing for potential new opportunities that are arising with the team dedicated on furthering our strategic initiatives, including expanding our product partnerships and enhancing our platform’s capabilities to better serve and safeguard your digital assets. At the same time, we aim to enable you to earn yield and trade in a secure and compliant manner.
I also would like to extend my heartfelt gratitude to our dedicated team, loyal community, and valued partners. Your unwavering support and belief in our vision have been instrumental in our journey. Together, we will continue to innovate, inspire, and lead the way in the digital asset space.
Warm regards,
Arthit Sriumporn
Founder and CEO of Rakkar Digital
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