At the first meeting among five of the major crypto exchanges and the government of South Korea, Cumberland Korea CEO Hong Joon-ki alleged that the government along with home fiscal organizations should acknowledge the efforts of Nasdaq, Fidelity, along with a number of major corporations in the international marketplace functioning to reinforce the communications in the sphere of cryptocurrencies.
Hong, a chief of over-the-counter (OTC) exchange from South Korea who has been handling the functions of Cumberland, told government representatives together with more than a few congressmen, associates of the Nationalized Legislative Body, as well as Monetary Services Commission representatives that the government needs to be conscious of the pace by which the cryptocurrency segment is rising with the participation of foremost monetary agencies.
The third quarter of 2018 witnessed the two major stock exchanges Nasdaq and NYSE along with the world’s fourth largest asset manager Fidelity develop Bitcoin ventures like that of futures markets as well as custodial explanations to force cryptocurrency acceptance and offer a trouble-free method for institutional investors to invest in the crypto market.
All the way through the previous two years, two leading banks Shinhan and Nonghyup have put their spotlight on enlightening the communications of the home cryptocurrency exchange marketplace.
Shinhan Bank, the nation’s second most priceless industrial bank, formed a crypto switch-over named as Gopax prepared with the similar business engine utilized by Nasdaq through removal and put down to assist and with the support from major banks in South Korea. With overseas economic organizations like that of Fidelity, Morgan Stanley, Nasdaq, Goldman Sachs and NYSE vigorously getting higher into the cryptocurrency division, Cumberland Korea CEO Hong Joon-ki told that the government along with the home economic division are required to start introducing measures to go after the worldwide movement.
Hong alleged, “The year 1993, was the time I visited South Korea as a mere specialist, the home marketplace along with the government measured derivatives to be quite risky combined with unsafe tentative means of transportation. In a very short period of time, South Korea is seen to distribute acquaintances along with derivatives to go into abroad marketplaces. Monetary organizations in South Korea have to gravely regard the cryptocurrency marketplace. The regime has to support monetary organizations to provide cryptocurrency sponsors.”
The CEO of Cumberland also pointed out that safety tokens are going to radically alter the prospect of crypto and its related businesses. In fact, foremost hedge funds and venture capital institutions have now started to place large bets on the safety token marketplace, as noted in the $28 million deal of Andreessen Horowitz at Harbor.
He added, “The international cryptocurrency marketplace is going to move to safety tokensin a very short duration of time. Business enterprise funds, hedge finance, sports players, construction dealers, artworks, along with other categories of assets will turn out to be tokenized on the blockchain. International fiscal bodies are coming inside the crypto marketplace with the dream of tokenization and digitalization of available assets and actively increasing their inventiveness in an innovate way.”
Effect on the Extended Term
The participation of Nasdaq, Goldman Sachs, Fidelity, along with additional bodies in the cryptocurrency marketplace might never have any kind of effect on the limited cost tendency of cryptocurrencies.
However, the schemes of the aforesaid corporations are guiding government representatives attain a different perspective regarding the cryptocurrency space and consider cryptocurrencies as an ever-evolving world class asset.