November 7, 2023
In an exclusive conversation with NFTMetta’s journalist Anjali Kochhar, Manhar Garegrat, Country Head of India and Global Partnerships at Liminal, talks about crypto market, DeFi and the future of the industry.
1. What do you think about the latest bull run in the crypto market? Is it backed by strong fundamentals?
Ans. Bull runs in the crypto industry depend on a number of factors, including market conditions, adoption rates, and investor sentiment. Some upward trends are underpinned by specific developments, such as growing institutional interest, technological improvements, or real-world applications.
The current bull run is driven by excitement around the increasing number of Bitcoin ETF applications in the US. Bitcoin ETF approval would be a watershed moment for the digital asset industry and would likely boost demand for Bitcoin.
2. There is some news that FTX may restart operations, what will be its impact on the industry?
Ans. The possible revival of FTX operations could significantly impact the cryptocurrency market, given its previous prominence as a global exchange. The impact would depend on the factors that led to its closure, the changes made during the break, and its ability to regain customer trust and market share. As more information about their renewed operations become available, we will have a better understanding of the implications.
3. What role will digital asset security play in shaping the future of the industry, especially DeFi?
Ans. Digital asset security will play a critical role in shaping the future of the industry, especially DeFi. Digital asset security across user wallets, smart contracts, bridges and blockchain protocols are essential for building trust in DeFi and attracting institutional and individual investors.
Security protocols will need to constantly evolve to protect against new hacks and vulnerabilities as the market grows. This is essential for the long-term survival of DeFi and the expansion of the broader digital ecosystem.
4. There is a lot of euphoria around Bitcoin ETF, your take on that?
Ans. The launch of a Bitcoin ETF could have a significant impact on the digital asset industry. On the one hand, it will lead to an increased demand for Bitcoin, as more institutions offering ETFs will invest in Bitcoin. On the other hand, it will also lead to increased participation from other types of financial institutions, such as banks, payment companies and brokerages. As digital asset custody providers we welcome this move and look forward to doing our bit to support the increasing participation in the digital assets space.
5. What inspired the creation of Liminal Custody Solutions, and what problem or need does it address in the market?
Ans. The growing demand for secure, compliant, and regulated wallet infrastructure and digital asset custody services led to the launch of Liminal Custody solutions. During our market analysis, we discovered that a lack of professional custody services was one of the biggest barriers to digital asset adoption. Liminal has a legacy of building robust wallet infrastructure that manages and secures millions of dollars in digital assets. With our custody solutions we will look to leverage this expertise to successfully fill this gap for institutional users and provide them with a platform that complies with global security standards.
After the collapse of FTX in 2022, safe custody of digital assets emerged as a primary concern for users across the globe. As regulations continue to evolve we are seeing tradfi concepts like segregation of duties, key residency, etc also become more and more mainstream. Our aim is to get licences in multiple jurisdictions and support digital asset business within those jurisdictions in their journey to building mass adoption at scale.
6. Could you share some key milestones and achievements of your company since its inception?
Liminal is one of the fastest-growing digital asset custody and wallet infrastructure solution providers in Southeast Asia, with a rapidly growing footprint in the MENA region. We have automated wallet infrastructure that has saved thousands of man hours for our clients and has processed over $6 billion in transaction volumes in two just a span of years. Today, Liminal has over $650 million in assets under protection and will look to more than double this number with the full-fledged launch of our custody platform.
Liminal has recently secured a TCSP licence in Hong Kong and an In-Principle Approval (IPA) by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a custody provider for Virtual Assets. Liminal has a diverse team of 60+ professionals spread across the UK, Hong Kong, Singapore, UAE, India and Indonesia.
Liminal is poised for exponential growth as digital asset adoption accelerates across geographies. With expectations of faster regulatory clarity in the APAC and MENA regions, the company is set to launch regulated custody operations in four regions in the next quarter, providing businesses with a secure, compliant, and regulated custody layer. This will enable businesses to focus on delivering the promises of Web3 to end users.
7. Recently Liminal went through a rebranding exercise, can you highlight some of the major reasons behind rebranding and its objectives?
The digital asset industry is pivoting towards custody as the need for security and risk mitigation emerges as a top consideration. Liminal recognized the need for expanding its services to stay on top of these shifts and has dedicated itself to building all the comprehensive layers that encompass compliance, security, and regulatory readiness.
As a part of this transformative initiative, Liminal has unveiled a vibrant new colour palette that symbolizes abundance and strength. Additionally, a more robust and visually appealing solid-colour logo, paired with improved typography, enhances the brand’s visibility and recall significantly. This comprehensive effort extends across the entire spectrum of the brand, encompassing the website, product user interface and user experience, marketing collateral, and all brand-related materials. Although the name “Liminal” remains unchanged, the rebrand introduces fresh design elements and vibes. The redesigned website, in particular, will adopt a more product-centric approach, enabling customers to access vital information swiftly while adhering to Web3 design standards that aim to deliver a more meaningful B2B/SaaS experience. This strategic approach ensures a seamless transition for existing customers, emphasizing trust-building and continuous satisfaction.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.