What’s Happening In Global Crypto Market : A Round Up Of All Events

While the controversy of legalising cryptocurrency still continues in many countries, the global crypto market has been a hotspot of events since 2021. With the growing suspect of crypto becoming an important actor in ongoing Russia-Ukraine war, here is a round up all the recent events that happened in the crypto market.

1. Growing Fear Of Russia To Use Crypto To Bypass Restrictions

After Russia declared war against Ukraine, there is a growing fear that Russia may use cryptocurrencies to tide over the sanctions levied by the US as part of the current conflict, according to various media reports.

As a response to the economic sanctions being imposed by several countries on multiple Russian entities, these commodities are presumably looking to neutralise their consequences by making arrangements with anyone keen to work with them. Thus, as a way out, these Russian entities can use cryptocurrencies to circumvent the rules that the government of various countries have imposed on them regarding money transfers through the conventional banking system, reported various international news organization.

2. Cryptocurrency Demand Leads To Hike in Crypto Custody

Cryptocurrency investors are betting billions on crypto custody, which offers security for digital assets. Israel-based Fireblocks became the most valued crypto asset in January after amassing $550 million in new funding round, which raised its valuation to $8 billion.

Digital asset custody providers present safekeeping and security to a customer’s crypto assets, including operating a client’s private keys or related custom solutions from a technology provider. Crypto custody involves storage, processing and security measures to provide maximum protection while lowering risk from potential theft, hacks and other forms of misappropriation.  

With the cryptocurrency market expanding, the value of crypto assets goes hand-in-hand with safe and secure storage options as they are increasingly becoming attractive targets for hackers and theft.  

In the light of the latest events, such as the $196 million-Bitmart exchange hack, the significance of secure storage is a constant concern for the industry. Safely reserving the assets with a custodian can make the job of crucial management more manageable. With a skilled custodian taking this responsibility, investors can get reassurance from many of the general risks related to self-storage.

3. South Korean Bank Introduces Country's First Crypto Investment Fund

Kookmin Bank, one of the biggest banks of South Korea by net assets, has affirmed to launch crypto investment products aimed at retail investors. Alongside, the bank has initiated a Digital Asset Management Committee intending to establish a crypto exchange-traded fund (ETF) and future products as soon as the law in the country permits.

The objectives were confirmed by Honggun Kim, who heads the quant index management, in the official release from the bank. He said, “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.”

Cryptocurrency investors are betting billions on crypto custody, which offers security for digital assets. Israel-based Fireblocks became the most valued crypto asset in January after amassing $550 million in new funding round, which raised its valuation to $8 billion.

Digital asset custody providers present safekeeping and security to a customer’s crypto assets, including operating a client’s private keys or related custom solutions from a technology provider. Crypto custody involves storage, processing and security measures to provide maximum protection while lowering risk from potential theft, hacks and other forms of misappropriation.  

With the cryptocurrency market expanding, the value of crypto assets goes hand-in-hand with safe and secure storage options as they are increasingly becoming attractive targets for hackers and theft.  

In the light of the latest events, such as the $196 million-Bitmart exchange hack, the significance of secure storage is a constant concern for the industry. Safely reserving the assets with a custodian can make the job of crucial management more manageable. With a skilled custodian taking this responsibility, investors can get reassurance from many of the general risks related to self-storage.