Digital assets can be thought to include any digital representation of value which is recorded on a cryptographically secured, distributed ledger or any similar technology, and not merely digital media but convertible virtual currency, cryptocurrency, stablecoins, and so forth. This interesting information came to us from Reuters in their article, “The role of tracing in digital asset disputes.”
The crypto space is vast, and it can be easy to get lost in a sea of terms and definitions. According to research, 2022 was the worst year yet for the hacking of cryptoassets, with approximately $3.8 billion worth of cryptocurrency stolen worldwide. The real cost could be significantly higher.
Digital assets, like cryptocurrencies, NFTs, and other tokens are no longer emerging technologies. They’re here to stay. Consumers, businesses, and regulators are embracing digital currencies and decentralized finance solutions, causing financial institutions to adapt. Taking a future-back approach to strategy building can help financial institutions leverage existing strengths and compete in the digital asset market.
Melody K. Smith
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