The participants of the "Crypto Custody in Asia Pacific" webinar, organized by Ledger Vault, discussed the recent changes in the crypto custody sector and gave an insight into the upcoming changes. Being at the forefront of the most interesting cryptocurrency news, Login Casino presents the most important claims made during the webinar.
What is the essence of crypto custody solutions?
Cryptocurrency custody solutions become an inevitable part of the digital assets development process. Even though traditional custody institutions are dedicated to secure storage of the capital or valuables, this kind of establishment becomes especially valuable in the cryptocurrency world. That is because of the nature of crypto wallets, where the loss of the electronic key (password in simple words) means the loss of the digital savings without the restore possibilities. So, holding a huge amount of digital assets in a dedicated and safer place makes a lot of sense.
How did 2020 influence the regarded sector?
Experts were rather optimistic when talking about the changes that came in 2020. Thus, the crypto boom increased the interest in cryptocurrencies, and so the demand for services of crypto custody establishments also rose.
"The growth of the institutional and big clients' interest in the field allows feeling more comfortable in the environment," began Marc Robinson, COO at SBI Digital Asset Holdings.
"It's a fact that big financial institutions accepted the issue of digital assets custody and put them on the agenda," continued Jean-Michel Pailhon, Head of Ledger Enterprise.
Mathias Imbach, Co-founder & Group CEO of Sygnum, added:
"It's not a surprise that there were a lot of regulatory clarifying actions and claim-downs, as the whole crypto infrastructure was actively developing."
The impact of stablecoins on the sector
Among the variety of subtopics, stablecoins were among the most important ones.
Even though stablecoins are a part of the digital assets ecosystem, the attitude to them is rather different. Thus, many people consider them as the solution that is directly linked to fiat money, which can be under huge inflation and governmental control. However, webinar speakers described the other side of stablecoins and their importance for the crypto custody sector.
Jean-Michel has begun with a simple explanation that "stablecoins are digital assets and use blockchain, so they are part of the crypto ecosystem.
" Mathias Imbach has noted that "custody is an emerging infrastructure, so stablecoins will play a major role in forming this market."
Jean-Marie Mognetti, a Co-founder & CEO of CoinShares, admitted the general attitude of custody solutions towards stablecoins:
"Supporting stablecoins is the natural thing for crypto custody. It will help to make a step forward for the whole industry."
At the same time, Marc Robinson claimed that custody institutions "don't have to dictate to customers what to do with stablecoins," as security establishments' primary role is to organize the safe process.