Cryptocurrency Exchanges cloud the Markets Of East Asia
The rise of digital cryptocurrencies like Bitcoin, Ethereum and XRP have ignited many new markets and startups which revolve around the blockchain technology and the use of cryptocurrencies. As cryptocurrency keeps expanding, an expansion of crypto-supporting trades is also becoming visible.
According to the establishing accomplice of NEO Global Capital, Tony Gu, the factors behind the high rising crypto market in East Asia include rapidly growing technology market, young and ambitious population, fast-changing economic landscape and an under-developed and under-checked regulatory system.
There are numerous blockchain and crypto-based companies that have made a name for themselves. Singapore based Huobi was established by Leon Li and its offices are based in Hong Kong, Korea, and Japan. Bitmex is a Hong Kong based company which provides exchange services by means of ceaseless and settled date contracts.
The East Asian crypto industry is still at its infancy. With underdeveloped regulatory systems and new market, although the market is growing at a fast pace, it would be neglectful to say that most of the prominent attacks happen in Asia. South Korean based company Conrail was hacked and lost 30% of its stock cash, rounding off to around $40 million. Numerous other cases include theft and hacks which cost millions of dollars.
Indian markets have also shown a huge potential for AI and blockchain cryptocurrency technologies. Even after the ban on cryptocurrencies by the RBI, numerous startups and employment offers continue to grow, showing the interest and involvement of youth in the latest technologies. Even RBI recently stated that the ban on cryptocurrencies is just a method to protect the Indian investors, who are still ignorant about the blockchain technology, from off-shore frauds.
The increasing endeavours of the Asian companies to keep up with the latest technology are definitely a good sign. There has also been a significant improvement in the security features of the crypto-companies but the risk hasn’t totally vanished yet.
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