What is a crypto exchange?

| November 17, 2023

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Crypto Exchange

The blockchain cryptocurrency market has surged past the one-trillion-dollar mark, reflecting the growing enthusiasm for digital currencies and decentralized finance. With new virtual currencies emerging every next day, prospective crypto investors are seeking reliable platforms that enable them to trade various digital assets efficiently as well as offer the ability to participate in staking crypto.

Much like traditional stock and commodity exchanges, crypto exchanges serve as platforms where participants can engage in trading a wide range of cryptocurrencies. 

Especially in light of recent events such as the issues faced by leading crypto exchanges like FTX and the  Binance-SEC controversy, there is a heightened interest in gaining a deeper understanding of these platforms.

In response, our experts have meticulously crafted a comprehensive guide on cryptocurrency exchanges. This guide covers their functionality, diverse types, advantages, and, most importantly, it highlights all the warning signs that potential customers should be vigilant about when considering a cryptocurrency exchange or crypto wallet infrastructure.

What is Crypto Exchange?

Numerous individuals who invest in digital assets rely on specialized crypto exchanges to facilitate conversions between fiat currencies (such as the US dollar) and cryptocurrencies (like Bitcoin), switch between different cryptocurrencies (e.g., from Bitcoin to Dogecoin), and convert cryptocurrencies back into fiat currency. 

The majority of these types of crypto currency exchanges are centralized entities responsible for matching buyers and sellers of digital assets, typically charging commissions or fees for their services. Additionally, many blockchain cryptocurrency exchanges function similarly to traditional banks by accepting customer deposits, lending these funds to undisclosed third parties, and capitalizing on the interest rate differential between what they pay depositors and charge borrowers.

Despite exchanges promoting themselves as secure and convenient platforms for asset trading, their use often entails substantial risks, as exemplified by recent incidents involving Celsius, Voyager, FTX, and BlockFi.

While many cryptocurrency investors are aware of the inherent risks tied to investing in digital currencies and crypto staking, only a limited number truly comprehend the concealed and at times calamitous dangers linked to entrusting their cryptocurrencies to exchanges, rather than picking a hardware wallet for cryptocurrency.

How Does A Crypto Exchange Functions?

When you create an account on a cryptocurrency exchange and setup wallets for cryptocurrency storage, it grants you the ability to engage in the buying and selling of various cryptocurrencies, such as bitcoin (BTC), ether (ETH), litecoin (LTC), polkadot (DOT), dogecoin (DOGE), and many others. Depending on the specific exchange and the types of crypto wallet, you can either acquire cryptocurrencies using a fiat currency like the U.S. dollar or swap one cryptocurrency for another.

The larger and more established a cryptocurrency exchange is, the greater the likelihood that it offers a diverse selection of cryptocurrencies. Nonetheless, it’s advisable to verify the availability of your desired cryptocurrency before setting up an account or crypto wallet India.

On a cryptocurrency exchange, you have the option to use conventional fiat currency for purchasing cryptocurrencies, or you may have the opportunity to trade one cryptocurrency for another. You can also consider converting your cryptocurrency back into regular currency, keep it within your account for future transactions, or in the best staking crypto-wallet or make a cash withdrawal. The range of services available can differ depending on the specific exchange or application you opt for. For instance, certain services may not permit the transfer of your cryptocurrency to an external crypto wallet, such as cold wallet crypto platform.

Types of Crypto Exchange

A cryptocurrency exchange serves as a platform where you can engage in the buying and selling of digital currencies. These exchanges come in various forms, offering different products and services tailored to varying user needs. It’s crucial to assess your specific financial objectives and risk tolerance before selecting a crypto exchange. Here are some distinct types of cryptocurrency exchanges and crypto custody platform you might encounter:

Crypto-Brokers:

Certain traditional securities brokers, while not purely cryptocurrency exchanges, act as intermediaries connecting investors with cryptocurrency markets. Users can visit online brokers to purchase cryptocurrencies at prices determined by the broker. Over-the-counter (OTC) brokers, also known as OTC desks, are typically used for executing large orders (think 200 BTC, not 2 BTC). This approach helps prevent slippage, which can occur when executing market orders on exchanges.

Traditional Cryptocurrency Exchanges

These platforms facilitate the trading of digital assets based on daily market prices. Transaction fees are often charged for their services. Some exchanges exclusively deal with cryptocurrencies and additionally offer access to crypto currency wallet, while others enable users to exchange fiat currencies, such as the U.S. dollar, for cryptocurrencies like Bitcoin (BTC). Traditional exchanges generally fall into two categories: centralized and decentralized crypto exchange in India and across globe.

Centralized Cryptocurrency Exchanges

Centralized exchanges are managed by third parties, often referred to as exchange operators, to ensure the smooth operation of customer registration and trading. They make it easy to link your bank account or debit card for cryptocurrency purchases. However, this convenience typically comes with fees imposed by the exchange operator, in addition to the cost of the assets. On many centralized exchanges, users can trade digital assets using both fiat currency and other cryptocurrencies as well as store them on exchange-based cryptocurrency wallet India.

Decentralized Cryptocurrency Exchanges 

The principles behind blockchain and cryptocurrency emphasize the absence of a central authority overseeing currency movement and use. A decentralized cryptocurrency exchange, or DEX, operates without third-party supervision, is open-source, and relies on peer-to-peer (P2P) trading. DEXs often require more technical expertise and a deeper understanding of cryptocurrencies compared to centralized exchanges. This decentralized approach makes them the best crypto exchange in India.

 

Benefits of Cryptocurrency Exchanges

For most individuals, their introduction to the world of cryptocurrency typically starts with a crypto exchange, as it represents the simplest platform for acquiring digital assets. It’s worth noting that the primary functions of most crypto wallet hardware and software platforms are limited to sending, storing, and receiving cryptocurrency, setting them apart from crypto exchanges.

Here are some advantages of using different types of crypto currency exchanges:

  1. User-Friendly Experience: Crypto exchanges offer a user-friendly interface that is especially welcoming to newcomers in the crypto space.
  2. Regulated Environment: These platforms provide a relatively regulated environment for buying and selling cryptocurrencies, offering a sense of security and legitimacy to users.
  3. Tax Assistance: Certain blockchain cryptocurrency exchanges go the extra mile by providing users with tax forms, simplifying the often-complex process of calculating taxes related to cryptocurrency transactions.

 

Things to Check Before Selecting a Crypto Exchange

Cryptocurrency exchanges, encompassing both centralized and decentralized models, are relatively recent innovations. The first crypto exchange, Bitcoin Market, commenced operations on March 17, 2010. Therefore, conducting thorough research is paramount when considering which exchange to utilize. Given the inherent volatility of cryptocurrencies and the historical susceptibility of certain exchanges to hacking incidents, a comprehensive evaluation is crucial. Key factors to assess when selecting a crypto exchange and their crypto wallet infrastructure include, but are not limited to:

Deposit and Withdrawal Limits

Usually, most exchanges serve uninterrupted user withdrawal requests. Still, examine the restrictions placed on deposits and withdrawals, ensuring they align with your trading needs.

Fees & Payment methods

Evaluate the fee structure of the exchange and the crypto currency wallet provider, encompassing trading fees, withdrawal fees, storage fees, and any other applicable charges. Additionally, confirm the availability of payment methods that suit your preferences and convenience.

Regional Restrictions, Verification and Regulations

Most exchanges adhere to compliance rules. Understand the exchange’s compliance with regional regulations and whether it accommodates users from your location. Additionally, determine the level of identity verification and documentation necessary to use the exchange.

Reputation and partnership with a regulated custodian in the operational jurisdiction

Investigate the reputation of the exchange by reviewing user feedback, online reviews, and its track record in the cryptocurrency community. Initially, determine whether the crypto exchanges  you’re considering serve customers within your residing state and country. This inquiry is pivotal, given the intricate web of rules and regulations governing cryptocurrency. If the response is negative, it implies that you won’t be eligible to utilize the particular exchange.

Moreover, some exchanges maintain distinct website addresses tailored to specific countries. For instance, U.S.-based users might need to access “exchange.us” instead of the generic “exchange.com.” The jurisdiction of an exchange not only defines its primary market but also delineates where it is permitted to operate, adhering to the cryptocurrency-related regulations and guidelines in effect.

Extended support for chains and tokens

Beginner cryptocurrency users often have numerous inquiries about the fundamentals of cryptotokens, crypto custody platform, and exchange operations. It’s likely that you’ll encounter challenges along the way, this is where responsive customer support steps in.

There are situations where the need for assistance becomes urgent, particularly when your finances are on the line. Given the swift pace of crypto markets, waiting days for customer support responses can result in tangible financial impacts. Hence, investors should check the exchange’s customer support reputation. Verify their promptness in addressing issues, assess customer satisfaction levels, and ascertain the exchange’s commitment to prioritizing customer service. 

Highest level of security measures

Cryptocurrency can appear untrustworthy due to limited government oversight and its association with the black market. However, reputable exchange platforms prioritize security. They employ robust measures, including two-factor authentication (2FA), encryption, and cold storage (offline storage) to safeguard your personal and financial data, safeguarding your holdings against theft and cyberattacks.

It falls upon you to identify the cryptocurrency exchange and digital assets that align with your specific requirements, budget, risk tolerance, and security expectations. Additionally, be mindful that some exchanges exclusively offer mobile accessibility, while others necessitate high-powered specialized computers. Furthermore, each crypto exchange varies in terms of security measures and associated fees.

Proof of reserve report

Ensure that the exchange you opt for shares user fund segregation with Proof-Of-Reserve report. Proof of reserves (PoR) help validate that the customer assets held by a cryptocurrency exchange or financial institution accurately match the quantity of assets reserved by the company on behalf of its customers. PoR has gained substantial attention as the central method for cryptocurrency investors to verify the security of their funds. Additionally, it serves as a valuable mechanism for crypto platforms, affirming their solvency by demonstrating their possession of sufficient assets to cover both trades and withdrawals.

Conclusion

At first glance, a cryptocurrency exchange may appear straightforward, serving as a platform where one can buy and sell various types of digital currencies. However, as is often the case in the cryptoverse, exchanges can be functionally complex and demand more careful consideration from users compared to traditional stock and bond exchanges.

The critical point to bear in mind is that this web3 crypto industry, encompassing cryptocurrencies, platforms, blockchains, exchanges, staking cryptoprotocols, and wallets for cryptocurrency, largely operates without extensive regulation. This means that the familiar consistency found in conventional financial sectors, regarding investment structures and the functioning of investment firms, is less prevalent in the realm of cryptocurrency. Consequently, it’s essential to allocate extra time to grasp the fundamentals, such as whether a specific blockchain cryptocurrency exchange can operate in your jurisdiction, the associated fees, as well as selecting an appropriate crypto wallet India.

 

Frequently Asked Questions (FAQs)

How can users withdraw their funds from a crypto exchange?

Log into your crypto exchange account using the mobile app. Opt for “crypto” and select the asset you intend to withdraw from the provided list. Then, either paste the destination address or scan the relevant QR code. Enter the desired withdrawal amount, include a memo if necessary, and conclude by clicking on “Preview Withdrawal.”

Is it allowed to trade in crypto exchanges in India?

Cryptocurrencies, as a means of payment in India, operate without regulation by any central authority. There are no established rules, regulations, or guidelines for resolving disputes when engaging in cryptocurrency transactions. Consequently, cryptocurrency trading is conducted entirely at the risk of the investors involved.

Which types of crypto can you trade?

You can conduct research on cryptocurrencies like Bitcoin, Ethereum, Polkaot and more, and then start your investment journey using crypto exchange platforms.

Can Cryptocurrency be converted into fiat currencies via exchanges?

Yes, converting cryptocurrencies such as BTC and ETH into traditional fiat currencies like USD and EUR is a straightforward process.

What kind of documents do I need to open an account with crypto exchange?

The registration form for an exchange may request essential information from the user, including their name, gender, address, email address, date of birth, and, if necessary, a copy of their photograph. Applicants may also need to provide details from their PAN card, Aadhar card, or similar documents as part of the Know Your Customer (KYC) procedures.

What is the difference between a market order and a limit order on a crypto exchange?

Market orders are designed to be executed promptly at the prevailing market price, aiming for the fastest transaction possible. In contrast, limit orders establish the upper or lower price limits at which you are prepared to finalize a transaction, whether it involves buying or selling.

Do crypto exchanges charge fees from their users?

Indeed, most cryptocurrency exchanges typically impose fees when users execute trades. These fees commonly encompass expenses related to transferring funds to and from the user’s bank account, maker or taker fees, as well as transaction fees determined by the blockchain cryptocurrency trading volume.

Can I start trading in cryptocurrency via stock exchanges too?

No, the stock exchanges in India exclusively facilitate trades for equities, commodities, and currencies. Cryptocurrencies do not fall under their purview as they belong to the “unregulated” sector. To engage in blockchain cryptocurrency trading, individuals must utilize cryptocurrency exchanges or crypto e-brokerage firms.

More on Crypto

As we continue constructing a fully regulated digital asset custody platform, ensuring secure storage for both crypto and fiat assets remains a critical priority. 

To facilitate the last checkpoint of enabling institutions to convert their digital asset treasury into fiat currency, we’re expanding beyond pure wallet infrastructure and integrating seamless fiat off-ramp capabilities for our partners.

We’re thrilled to announce our partnership with Encryptus, licensed and compliant off-ramp solutions tailored for institutional clients. This collaboration elevates Liminal’s service offerings by empowering our partners to convert their digital asset treasuries into fiat currencies efficiently.

Integrating A Seamless Off-Ramp Solution

The digital asset ecosystem historically faced friction points when transitioning between fiat and cryptocurrencies. Off-ramp solutions address this pain point by enabling efficient and streamlined conversion between asset classes, minimising value loss and simplifying compliance processes.

Here’s how off-ramp changes the game:

  • Reduced Friction: Frictionless conversion minimises delays and operational complexities associated with traditional fiat-crypto exchange methods.
  • Enhanced Efficiency: Streamlined workflows expedite asset conversion, increasing speed and cost-effectiveness for institutional and individual users.
  • Optimised Value Preservation: Advanced off-ramp solutions prioritise minimising price slippage and value loss during conversion, protecting user portfolios.
  • Simplified Compliance: Integrated compliance features navigate regulatory complexities, ensuring adherence to relevant financial regulations.

With our partnership with Encryptus, we have embedded their institutional-grade APIs, connecting their off-ramp solution within Liminal’s wallet and custody platform. 

This integration simplifies our clients’ liquidation requirements while keeping their assets secure and more:

  • Effortless Digital Asset to Fiat Conversion: Our partners will be able to access treasury management and facilitate business payments in 54 countries and individual payments in an extensive network of 80+ countries.
  • Streamlined Compliance and Regulation: Our partners will be able to leverage Encryptus’s rigorous licensing and compliance framework, ensuring adherence to stringent financial regulations.
  • Enhanced Platform Value: We will be able to expand the functionality of the Liminal custody solution, attracting institutional users seeking comprehensive digital asset management capabilities.

Moving Towards A Robust Off-Ramp Partnership With Encryptus

The partnership between Liminal and Encryptus earmarks a significant step forward in secure digital asset custody, representing a shared commitment to pushing compliant practices while supplying institutions with easy access to convert their digital assets to fiat. 

For Encryptus, the opportunity to integrate with Liminal’s established platform presents a chance to reach a wider audience and scale their innovative off-ramp solutions to new heights. By streamlining fiat conversion within Liminal’s secure custody infrastructure, Encryptus gains access to a trusted network of institutional users seeking seamless and compliant treasury management.

For Liminal, this collaboration reinforces our dedication to partnering with companies that demonstrably prioritise clear governance and robust policy frameworks. By aligning with Encryptus’s stringent compliance standards, we reaffirm our commitment to building a secure and sustainable future for digital assets, where trust and regulatory certainty go hand-in-hand.

January 22, 2024

Hello world, it’s that time of the month when we share the biggest security breaches in the world of Web3 through our Security and Regulatory Newsletter. 

Liminal believes in optimizing security and custody practices globally across the Web3 industry. Through our Newsletter, we highlight security, regulations, and compliance incidents that have happened in the past month and how one can follow better Security practices to safeguard their digital assets. 

We will also highlight regulatory changes that might have happened globally, which were significant to the overall ecosystem.

Dive in and get a detailed analysis of everything security and regulation in the domain of web3 with Liminal’s Monthly Security and Regulatory Newsletter.

Web3 Security Compromises in January

Abracadabra exploited for almost $6.5 million, Magic Internet Money stablecoin depegs

The Magic Internet Money ($MIM) stablecoin has lost its dollar peg again, dipping all the way below $0.77 in a flash crash before returning to around $0.95.

The depeg appears to be related to an exploit of the Abracadabra lending protocol, which allows people to borrow $MIM. An attacker exploited an apparent flaw in the platform’s smart contracts to drain around $6.5 million.

Goledo Finance hacked for $1.7 million

Goledo Finance, an Aave-based lending protocol, was exploited through a flash loan attack. The attacker stole assets estimated by CertiK to be around $1.7 million.

Goledo Finance contacted the attacker to offer a 10% “bounty” for the return of the remaining assets. In a message on January 29, the attacker wrote: “I hacked Goledo and want to negotiate.”

Socket service and its Bungee bridge suffer $3.3 million theft

The Socket cross-chain infrastructure protocol was hacked for around $3.3 million in an attack that exploited its Bungee bridge. The thieves were able to exploit a bug that allowed them to take assets from those who had approved a portion of the system called SocketGateway.

A little over 700 victims were affected, and the highest loss from a single wallet was around $657,000. 121 wallets lost assets priced at more than $10,000.

On January 23, the protocol announced they had recovered 1,032 ETH (~$2.23 million) of the stolen funds.

Web3 Regulatory Practices for January

The EU Imposes Stricter Due Diligence Rules for Crypto Firms

On Jan. 17, the European Council and the Parliament came to a provisional agreement on parts of the Anti-Money Laundering Regulation (AMLR) that now extends to the crypto sector.

Under the new rules, cryptocurrency firms will be required to run due diligence on their customers involving a transaction amounting to €1,000 ($1,090) or more. 

However, the agreement isn’t final yet as it has to be first officially adopted by the Council and Parliament before the rules can be applied.

So, after the EU passed its landmark MiCA regulation last year, which clarified rules about cryptocurrencies, regulators are now targeting the space with tighter controls. 

While these regulations bolster security and trust in the crypto market, potentially attracting more cautious investors and combating financial crimes, they also present challenges. 

The US State of Virginia Introduces Digital Assets Mining Rights

Recently, the Virginia State Senate introduced Bill No. 339, which outlines regulations for the transactions and mining of digital assets and their treatment under tax laws. 

The legislation exempts individuals and businesses engaged in crypto mining activities from obtaining money transmitter licenses. Additionally, it protects miners from any discrimination. 

Issuers and sellers of crypto are also exempted from securities registration requirements if certain conditions are met. Moreover, those offering mining or staking services are not to be classified as “financial investment” but must file a notice to qualify for the exemption.

The bill further incentivizes crypto’s use for everyday transactions by offering tax benefits. Under this, up to $200 per transaction can be excluded from an individual’s net capital gains or gains derived from using crypto to purchase goods or services, starting from Jan. 1, 2024.

Key Takeaways:

  • Hackers continue to exploit vulnerabilities in DeFi protocols and cross-chain bridges, highlighting the need for robust security measures.
  • Regulatory frameworks are evolving rapidly, with stricter AML rules and supportive legislation for emerging technologies like crypto mining.
  • Staying informed about these developments is crucial for navigating the digital assets market safely and responsibly.

Stay #LiminalSecure

These events highlight the constant evolution of Web3 security and regulation. You can confidently navigate this dynamic landscape by staying informed and prioritizing security best practices. 

At Liminal, we’re committed to empowering institutions to unlock the full potential of digital assets without compromising security or compliance norms with our robust custody and wallet infrastructure solutions. Join us on this journey towards a safer, more accessible future for digital assets.

January 15, 2024

Buckle up as we’re about to take a trip down memory lane. 

The year 2023 was a wild ride that showed signs of a plummeting market, groundbreaking innovation and regulatory hurdles. 

Contrastingly, in the same year, we saw no market-shattering crashes. Financial institutions extending an olive branch, key jurisdictions unlocking the doors to blockchain technology. 

Simultaneously, at Liminal, we experienced significant breakthroughs, re-engineering our positioning and becoming a pioneer in digital asset security with bank-grade custody. 

We took major strides this year, right from building comprehensive products to becoming a qualified custodian, from revamping our brand design to expanding our offices in newer locations, from partnering with hyper-local communities to onboarding a diverse set of clients,  we did it all. 

So, let us take you through everything we accomplished in 2023 and what the future holds.  

Liminal Became A Qualified Custodian

One of the prominent moves we made this year was to change our positioning as a regulated custodian from being a wallet infrastructure platform. 

We got two licenses in key jurisdictions to operate as a regulated custodian. 

The first one came from Hong Kong, where we acquired the TCSP license issued by the SFC, which oversees and regulates financial activities to ensure compliance with legal and regulatory obligations. 

Our next license came in the MENA region, where we got In-Principle Approval for the FSP license granted by the FSRA, a governing body in ADGM, to establish a progressive financial services environment. 

Both these licenses paved the way for Liminal to push its wallet infrastructure and offer bank-grade custody to institutions looking to operate in these particular regions. 

Liminal Introduced A Suite of Products & Features

Continuing our building spree, we launched new products and integrations to broaden the existing infrastructure and added more parameters of security, scalability and sustainability. 

Staking-as-a-Service

Liminal launched staking for institutions to eliminate the risks involved in running staking nodes and the vulnerabilities in hot wallet transfer. 

Hence, we introduced an industry-first mechanism of cold wallet staking to ease staking for institutions and secure assets explicitly.  

Whitelabel Solution

Accelerating the go-to-market time for organisations looking to build a secure and customisable application, Liminal launched its whitelabel solutions

Targeted to help organisations meet security standards, manage assets with maximum control, and add their custom branding to give it a personal touch. Our whitelabel solution is a first-in-class custodian-developed solution for institutional grade custody.

Smart Consolidation

We are building not just secure custody but also automation-based features to eliminate manual errors, increase the throughput of transactions and scale institutional wallets. 

Taking this ahead, we launched the Smart Consolidation feature to automatically calculate all the active addresses and consolidate them into a single address. With this level of automation, managing multiple addresses becomes uber easy for wallet teams. 

Travel Rule 

To limit the use of cryptocurrencies for activities like money laundering and terror financing by regulatory bodies, travel rule was mandated for institutions to follow. 

Continuing the latest compliance integration policy, Liminal partnered with Notabene to introduce Travel Rule, enabling institutions to manage counter-party risk and extend the process of due diligence right from the Vaults dashboard.   

Liminal Accured List Of Security Certifications

Following our ISO certification for data privacy and risk management, we added two new security certifications to fortify our systems and build trust for our clients. 

Liminal Achieves Crypto’s Highest Security Mark: CCSS Level-3 Certified

Cryptocurrency security lacked a gold standard, creating a vulnerable ecosystem. Enter the CryptoCurrency Security Standard (CCSS), setting the bar for auditing and certifying custodian infrastructure and establishing levels of trust and confidence for investors. 

Liminal became only the second wallet infra platform and the first regulated custodian to be accredited with Level-3 certification, deeming wallets, transfer environments, workflows and engines safe and secure. 

Liminal Reciueved SOC 2 Type II Certification

To tackle threats in institutional-grade security, organisations’ SOC has been identified as the primitive compliance standard for service organisations to handle customer data.

Liminal successfully attained SOC 2 Type II certification, validating its setup of security controls & compliance processes to be industry standard. 

Liminal Level Up

Liminal unveiled its most significant platform upgrade ever, revolutionising the future design standard of a qualified custodian. This level-up activity included revamping our website and product UI, giving a completely new look and feel to not “Liminal” but “Liminal Custody”. 

The Liminal level-up activity was a strategic step and the biggest one for us this year to create an intuitive, inviting and tailored experience for our clients. 

Liminal Reached New Borders

We spread out our operations this year, reaching new borders and onboarding a new wave of institutions across gaming, DeFi, HNI wealth, treasuries, and exchanges! From Indonesia and Africa to India, UAE, and Korea, we are setting up custody operations worldwide. 

This isn’t just a roster of clients; it’s a network ready to spark connections, collaborations, and shared success to further the definition of secure assets. 

Liminal Collaborated With Law Enforcement Agencies

The best and the proudest moment of Liminal for this year was when we collaborated with CBI & Himachal Prashesh police department to aid them in seizing digital assets. 

This partnership put us on the map, as we became the first point of contact for LEAs in India, and we standardised the process of secure seizure of digital assets. Leveraging our expertise, we enabled a safe space for officers to learn the basics of custody, contributing to a safer digital landscape.

Team Liminal Grew Bigger

Building such a massive infrastructure, prioritising security and compliance over everything else, we had to grow the team to build at pace and expand at an even higher level. Not only did we grow in team numbers, but we also elongated our footprint to new destinations. 

Team Liminal went from 32 to 70 with 5 new offices in Mumbai, Ahmedabad, Hong Kong, Singapore and ADGM, setting up our custody operations steadfastly. 

What’s To Look Out For In 2024

We are excited to announce that our commitment to integrating the most secure digital asset wallets with a cutting-edge custody platform is swiftly becoming a reality. 

The upcoming year, 2024, will serve as a testament to this transformative journey. Moving beyond self-custody, we are constructing a comprehensive infrastructure encompassing both custodial and non-custodial wallets. Exciting products are set to launch starting from the first week of January, some of which are: 

  • Official Custody Platform Launch
  • Liminal’s Off-Exchange Settlement Hub
  • Secure Custody of Real-World ‘Tokenised’ Asset

The Web3 space has evolved explicitly this year, pushing the narrative of secure digital asset custody and security, introducing new regulations and compliance standards, licensing VASP providers and standardising the use of custodians as a trusted third party. 

At Liminal, we took major strides this year, from building comprehensive products to becoming a regulated custodian, from revamping our brand design to building the full infrastructure of custodial and non-custodial wallets.

January 5, 2024

Find Out How You Can Benefit From A Fully Self-Custodial Wallet Architecture