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The Crypto Market in Asia is Booming

WikiBit 2022-08-16 20:46

Abstract:The rising cryptocurrency market had been acknowledged by the financial sector. Given the tremendous increase of digital assets over the years, Asia is predicted to experience a greater boom. The cryptocurrency movement is demonstrating a strong long-term position in the market.

  The financial sector recognized the booming industry of cryptocurrency. Given the enormous growth of digital assets over the years, it is expected to boom more in Asia. The crypto trend is showing a significant long-term standing in the market. Crypto's potential to lead the future of digital assets tick off the interests of large corporations with thriving countries heading to strengthen the digital economy.

  According to new findings by venture capital company White Star Capital, Southeast Asia is currently home to more than 600 crypto or blockchain businesses. The recent expansion of venture capital funding in the area has been considerably aided by entrepreneurs in the crypto, blockchain, and web3 sectors. The amount of money raised by these businesses in 2022 is already close to $1 billion, and they are expected to surpass the $1.45 billion total raised in 2021.

  All ten members of Association of Southeast Asian Nations (ASEAN) authorize cryptocurrency trade, with the exception of Singapore, which charges a fee and Philippines, which needs a special permit.

  Source: The ASEAN Post

  According to a published report by Chainalysis, Asia is driving the world's adoption of cryptocurrencies among retail investors, with Vietnam, India, and Pakistan reporting the biggest growth driven by peer-to-peer monetary systems.

  We examine some of the most well-known corporations and Asian Countries that is taking part in cryptocurrency as the market capitalization approaches the $2 trillion threshold:

  The Bank of Japans Governor reiterated the distribution of the central bank digital currency (CBDC).

  Corporations continuously adapt the potential of cryptocurrencies in their system. Crypto.com, a cryptocurrency exchanged company based in Hong Kong launched a partnership with Visa—with that, Crypto.com is now authorized to issue cards directly.

   Non-fungible token (NFT) games like the Vietnam-based SkyMavis Axie Infinity continuously gain popularity in the Philippines and Indonesia.

  A $113 million Series B round of funding for the Indonesian cryptocurrency-focused app has been secured from Intudo Ventures, Lightspeed, Northstar Group, and Pantera Capital.

  In search of high-growth firms in the cryptocurrency industry, investors and entrepreneurs are increasingly traveling to Southeast Asia, a diversified region with a growing population and rising income.

  Concerns of Cryptocurrency users:

  Financial institutions and industry professionals have warned consumers and companies about the drawbacks of cryptocurrencies. Its incapacity to be turned into physical currency can be exploited to get by without banking protocols that are required for security reasons because of its anonymous and unregulated character.

  Trade across borders can be conducted with little to no supervision because virtual currencies records are kept on a ledger known as the blockchain, which is maintained by independent computers rather than any banking supervision authority.

  

  As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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