While the debate over cryptocurrency legalization lingers in many countries, the worldwide crypto market has been a hotspot of happenings since 2021. With the growing suspicion that cryptocurrency will play an important role in the ongoing Russia-Ukraine conflict, let’s take a look at all the latest happenings in the crypto market.
Heightening Fear of Russia To Utilize Crypto for Circumventing Constraints
Following Russia’s declaration of war against Ukraine, there is growing concern that Russia may use cryptocurrencies for circumventing US sanctions imposed as part of the current dispute, as per several media reports.
As a result of the economic sanctions imposed by several countries on various Russian entities, these commodities are attempting to offset their effects by making arrangements with anyone willing to work with them.
Thus, as a way out, these Russian entities can utilize cryptocurrencies for bypassing the regulations imposed on them by the governments of various countries regarding money transfers through the traditional banking system, according to several international news organizations.
Demand for Cryptocurrency results in Hike in Crypto Custody
Cryptocurrency investors are waging billions on crypto custody, which provides digital asset security. Fireblocks, based in Israel, became the most valuable crypto asset in January after acquiring $550 million in a new funding round, increasing its valuation to $8 billion.
Digital asset custody providers provide safekeeping and security for a customer’s crypto assets, such as managing a client’s private keys or implementing related custom solutions from a technology provider. Crypto custody entails storing, processing, and securing crypto assets for providing maximum protection while reducing the risk of theft, hacking, and other forms of misappropriation.
As the cryptocurrency market grows, the value of crypto resources goes hand-in-hand with safe and reliable storage options, as they become more appealing targets for hackers and theft.
In light of recent events, like the $196 million Bitmart exchange hack, the importance of reliable storage remains a continuous concern for the industry. The job of critical management can be made easier by safely reserving assets with a custodian. With a skilled custodian in charge, investors can be relieved of many of the general risks associated with self-storage.
In light of recent events, such as the $196 million Bitmart exchange hack, the importance of secure storage remains a constant concern for the industry. The job of critical management can be made easier by safely reserving assets with a custodian. With a skilled custodian in charge, investors can be relieved of many of the general risks associated with self-storage.
Introduction of First Crypto Investment Fund by South Korean Bank in their Country
Kookmin Bank, one of South Korea’s largest banks by net assets, has confirmed the launch of crypto investment products intended for retail investors.
In addition, the bank has commenced a Digital Asset Management Committee intending to establish a crypto exchange-traded fund (ETF) and future products as soon as the country’s laws permits.
Honggun Kim, heading the quant index management, confirmed the goals in the bank’s official release. He stated that they will be launching a virtual asset-themed equity fund. They are also planning to publish periodicals.
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