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Dear industry partners and clients,
Market Review: September 2024
September 2024 marked a significant month for the digital asset landscape, highlighted by PayPal's announcement allowing U.S. merchants to buy, hold, and sell cryptocurrency from their business accounts, reflecting growing confidence in the crypto ecosystem. PayPal USD (PYUSD) also saw its market capitalization exceed $1 billion, driven by its expansion to the Solana network and increased integration into decentralized finance protocols. Overall, the month underscored the resilience and dynamism of the digital asset market, setting the stage for future growth and innovation.
In addition to these developments, the macroeconomic environment has played a pivotal role. The recent lowering of interest rates globally has had a notable effect on both traditional and digital asset markets. Lower rates tend to encourage investment in riskier assets as history shows, as the returns on traditional investment instruments like government bonds decline. This environment fosters increased liquidity, allowing capital to flow more freely. Consequently, we still see institutional clients increasingly seeking opportunities in digital assets, betting on long-term growth as the market continues to mature.
Overall, September underscored the resilience and dynamism of the digital asset market, with regulatory clarity and macroeconomic shifts setting the stage for future growth and innovation.
Key Events and Insights in September 2024
Custody in Burgundy Second Edition with Kiln & TRM Labs
We had the honour of hosting the second edition of our signature wine-tasting event, Custody in Burgundy, on September 19, 2024, in Singapore during the vibrant TOKEN2049 week at Mandala, alongside Kiln and TRM Labs.
Amidst one of the busiest weeks of the year, we welcomed our valued clients, partners, and friends to an evening of insightful conversations not only surrounding the latest developments in the industry, but also the colours and notes of the wines I’ve personally curated for this edition.
I look forward to continuing these conversations and hosting you at the next Custody in Burgundy soon.
CEO Keynote at DiGiX
I was also honoured to deliver a keynote on digital asset custody at the DiGiX Program, organized by SCBX in Thailand As Asia’s leading digital asset custodian for institutions, Rakkar is fully committed to playing a key role in driving the education and growth of digital assets across the region and beyond.
The Team in Action
I’m fortunate to have a team that only shares similar values to how we should operate, they share the same passion for amplifying the significance of digital asset custody and how we should serve the needs of the client in a compliant and secure manner.
Thomas Kung at DevOps Leadership Circle & Lloyd's Risk Management Panel
Our CISO and CRCO, Thomas Kung, shared his expertise at two key industry events this month.
At the DevOps Leadership Circle, hosted by TEH Group and Synopsys Inc. in Singapore, Thomas participated in a panel moderated by Phillip Ivancic. He highlighted the importance of fostering a culture of security responsibility in safeguarding digital assets, noting that integrating security into development processes reduces friction and accelerates development velocity—essential for securing and scaling digital asset custody.
On September 23rd, Thomas also spoke on a panel titled "Risk Strategy, Mitigation & Transfer" at Lloyd’s event, addressing risk management challenges in the digital asset industry, including regulatory issues and evolving cyber threats. He was joined by Helen Ye, CEO of Qubit Underwriting Limited, and Gary Tiu, Executive Director at OSL, with moderation by Eve Yeung, General Representative for Hong Kong SAR at Lloyd’s.
Pasit Chaijirapaisarn at Digital Assets in Global & Thailand Event
Our Head of Operations and Thailand Country Manager, Pasit Chaijirapaisarn, was a guest speaker at the Digital Assets in Global & Thailand event, hosted by the Association of Thai Securities Companies (ASCO) and the Thai Fintech Association. Pasit participated in a panel discussion on "Exploring the Key Success Factors and Growth of the Digital Asset Business in Thailand," where he shared insights on the rapidly evolving digital asset landscape and how digital asset custodians like Rakkar assists financial institutions in Thailand achieve compliance with regulations set out by SEC.
These engagements reflect our team’s dedication to staying at the forefront of digital asset security and innovation, contributing to important discussions that shape the future of the industry.
Looking ahead to October 2024
Looking into October, I’ll be kick-starting this new quarter in the beautiful Bhutan, for the Bhutan Innovation Forum – I hope to see some of our clients and friends there!
I anticipate exciting developments and initiatives that will enhance our offerings to our clients and partners. Do stay tuned for more updates as we continue to drive innovation and excellence in the digital asset space. Thank you for your ongoing support as always.
Warm regards,
Arthit Sriumporn
Founder and CEO of Rakkar
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