A year into the pandemic, COVID-19 has visibly put the world out of order, incurring a total loss of $28 trillion in production output. Now, the central question that concerns all policymakers around the world is how we can pick up the threads of the fallen economy and restore the system back to its working condition. However, according to Bloomberg, this enterprise may not be as easy as it sounds – in fact, the source suggests that even the robust macroeconomic stimulus may not suffice in recovering the soundness of the economic system. Instead, what governors should focus on is re-allocating the valuable economic drivers such as labor and capital, which became available in great plenitude throughout the crisis.
The idea of Covid-driven economic shift is in no way new. Rather, it is well-reflected by the words of an old saying “when one door closes, another opens” – a perfect characterization of the forthcoming transformation. According to the Asian Development Bank, the pace of digital innovation is now giving leaps and bounds, creating new economic opportunities and hinting that the new economic era is not far off. Another factor is the growing confidence in decentralized assets, which is increasingly seen as a safe-haven gold-like keeper of value in the face of declining trust in traditional institutions. Within this year alone, Bitcoin rose to a trillion-dollar benchmark, which suggests that private investors and pompous institutions alike are seeing the future with peer-reviewed currency.
While some countries are still struggling with unfriendly regulation, others, like Asia, are taking active steps towards fostering the legitimacy of the new development. In part, this prospect is fuelled by the promise of decentralized currency to bail the unbanked population and provide vital financial support during the crisis for those who need it most. The first step towards this is providing an efficient infrastructure that later will be able to become an integral part of a new blockchain-based ecosystem.
The spike in investment results in Cobo’s phenomenal growth
While traditional investment institutions like BlackRock finally jump into crypto investment headstrong, the blockchain infrastructure-provider Cobo is the one who reaps off the benefit. Seeing the month-over-month growth of 100% matched with $15 billion in cumulative transactions across the platform, Cobo is fulfilling the growing demand among investors for cryptocurrency-based services by providing a solid ground for expanding their blockchain-based infrastructure.
The underlying rationale behind Cobo’s existence is to grant investors an opportunity to capitalize on their crypto investments. By featuring the Cobo Wallet, the core market proposition of the enterprise, it allows both private and institutional investors to generate a passive income on average of 10% on staking and yield farming. In addition, Cobo extends its product portfolio with services like Cobo Vault, a company’s brand of hardware wallets, with the goal of minimizing the potential malware infiltration risk.
Custody service
This year was also remarkable for Cobo Custody, an Asia-leading custodian service that saw a 150% YoY increase on bitcoin custodies. This part of the business also incorporates that WaaS platform, the goal of which is to simplify the process of growing and ingraining in the economy the decentralized infrastructure such as DApps, cryptocurrency exchanges and other payment platforms. In total, the platform features over 1,000 cryptocurrencies and holds $500 million assets under custody.
Cobo Custody is also experimenting with the Loop Network, which is now only available in a beta-version. This initiative is built in cooperation with 50 industry-leading partners, among which are Deribit and MXC exchange. Having processed $4 billion in cumulative transactions up to this day, Loop Network contests the name of Asia’s largest off-blockchain settlement and clearing network.
All in all, Cobo pioneers the Asian ground with the promise of 360-degree infrastructure that may help to allure the growing plethora of investors interested in maximizing their decentralized wealth. Testified by an exceptional growth of 100% MoM in transaction volume, Cobo platform stores a promise of leading the digital transformation of Asia that grips the minds of private and institutional investors alike. Eventually, the platform’s custodial service opens a new paradigm of the crypto industry and takes one step closer to decentralized finance outstripping the long-lived hegemony of traditional financial institutions.
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