Blockchain
IDEG launches Flagship Institutional Digital Assets Summit 2022 to foster conversations about the shifting crypto landscape
IDEG Asset Management Limited (IDEG), a professional digital asset manager, held its flagship Institutional Digital Assets Summit 2022 to share valuable insights on the digital assets market. Topics covered include the trends, opportunities and challenges that institutional investors are looking at and strategies to navigate the shifting crypto landscape.
Themed “Seize the Times“, the summit was hosted over two days from 26 to 27 May 2022 at Fairmont Singapore. Reflecting the summit’s thematic focus, speakers highlighted the changing nature of the digital asset ecosystem, and how it was yielding opportunities despite the risks. Better regulation and stronger institutional support have boosted adoption of digital assets, speakers said.
The summit received over 200 participants, including industry leaders and experts from crypto-native firms, traditional financial institutions and regulatory bodies. Across the two days, guest speakers from industry leaders, including the Monetary Authority of Singapore (MAS), PWC, BlockFI, Fireblocks and COINBASE, discussed the most pressing issues and megatrends shaping the crypto world today—from Web 3.0 to NFTs, the metaverse to De-Fi—as well as the upcoming big moves impacting institutional investors.
Raymond Yuan, Chairman of CTH Group, the supporting group of IDEG, said: “Web 3.0 is inevitable. It is the next Internet era that is creating a completely new economic paradigm. We will witness true globalization enabled through decentralization, rules-based permissionless governance models, as well as new models such as ‘X-to-earn‘ that will redefine people’s jobs. While we are seeing increased investments in this space, there remain unanswered questions on ‘what’s next?‘ for the road ahead. Our inaugural Institutional Digital Asset Summit 2022 aims to encourage dialogue on how institutions and Web 3.0 technology leaders can navigate, collaborate, and thrive in this brave new world.”
The MAS shared during a panel discussion that the crypto ecosystem is a potentially transformative technology. It enables high-value assets to be fractionalized and this can unlock new economic value, enhance financial inclusion, and enable more seamless and efficient financial services. The MAS added that its approach is to be adaptive, continually evolving and consultative as this is a fast-moving space.
On the topic of crypto becoming mainstream, Rishi Ramchandani, Head of APAC at BlockFI, opined, “Crypto is now in a validated state, and our team is working hard to reduce the friction to encourage institutional partners to move into the crypto space.”
Stephen Richardson, Head of APAC at Fireblocks, added, “We have noticed that the market is adopting a more cautious take on upcoming crypto projects and the infrastructure, as compared with past deals where there was more enthusiasm over the rapid crypto expansion. We see investors doing more homework and due diligence, in preparation for a tough market ahead.”
Wilson Cheng, APAC Lead in Institutional Sales at COINBASE, shared his views on digital asset adoption in the traditional financial world. He opined, “while it is exciting to see so many financial institutions recognising crypto as a real asset class, we anticipate that more time will be needed to educate the broader market about the crypto universe.”
David Shin, Head of Global Adoption at Klayton, also opined on the role that NFTs will play in the coming years: “We see Web 3.0 to be driving a lot of the NFT adoption in the next five years. Interestingly, the second-level adoption of NFTs is becoming more functional and dynamic, and there are vast opportunities for us to bring outside data in, to the creation of NFTs, and we believe this will ultimately drive change in this industry.”
To wrap up the two-day summit, Kevin Loo, Head of Investment Insights and Managing Director at IDEG, said, “Despite the uncertainty in the digital asset markets, the market sees both short-term and long-term opportunities emerging. Further, this cycle is different from past crypto winters. With more institutional involvement compared to 2018, the ‘reaction function’ for recovery will be stronger, meaning digital asset recovery will be quicker than we have experienced in prior cycles. As a professional assets manager, we continue our mission of growing the market with best-in-class compliance and value-add diversification strategies and services. This event firmly showcases IDEG’s corporate reach and influence across digital asset verticals and horizontal services, an indication of the strong advocacy of institutional standards and growth for the long term.”
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
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