As the popularity of crypto-assets grows, users will demand a platform to buy, sell, and keep them. Cryptocurrency use is growing in popularity in Southeast Asia. For example, Singaporeans are increasingly embracing cryptocurrencies as a form of payment for some things, according to reports.

Even in Australia, a place where crypto-assets continue to experience tremendous activity, the Commonwealth Bank of Australia said that it will permit crypto trading for users via the bank's app.

Additionally, Mastercard announced a partnership with three Asian cryptocurrency firms to produce bitcoin payment cards. Among them are Hong Kong's Amber Group, Thailand's Bitkub, and Australia's Coinjar trading platform.

The alliance aims to deliver cryptocurrency-linked credit, debit, and prepaid cards for individuals and businesses in the Asia Pacific region. Cardholders will be able to immediately convert bitcoin and other digital currencies to fiat currency, which they may then spend online or offline at any store that accepts Mastercard payments.

Despite the rising use and demand for crypto asset management platforms and similar services, Binance, the world's largest cryptocurrency trading exchange, has been banned in several Southeast Asian countries. Indeed, China has suspended cryptocurrency trade entirely and has begun cracking down on privately generated coins.

The Singapore Monetary Authority (MAS) has cautioned about sharp speculative wings and potential hazards for individual investors in cryptocurrencies. Ravi Menon, managing director of MAS, stated during the Singapore Fintech Festival that the Singapore central bank "frowns on cryptocurrencies or tokens as an investment instrument for retail investors."

Interestingly, according to the Crypto Asset Management Market 2021-2025 report, the global crypto asset management market is expected to reach US$1.2 billion in 2026, with the APAC region expected to offer significant growth opportunities for cryptocurrency management vendors during the forecast period.

The survey noted that significant improvements in network infrastructure, cloud computing, economic growth, and a stable geopolitical system have paved the way for solution providers to thrive in the APAC area.

Additionally, smartphone apps for cryptocurrency exchange have facilitated the work of asset traders and miners. Numerous stock market apps now include cryptocurrency apps that allow users to not only manage but also trade digital assets. When these cryptocurrencies are supported by blockchain technology, they can be used for a variety of payments and transactions.

Additionally, the survey found that electronic wallet apps typically store digital assets and money, allowing users to spend on blockchain-based transactions. These cryptocurrency tracker applications make a concerted effort to deliver up-to-date information on exchange rates, trades, market dynamics, and a portfolio of various cryptocurrencies. Coinbase, Gemini, Crypto Finance, Vo1t, and BitGo are all examples of cryptocurrency asset management firms.

Purchasing, selling, and trading virtual currency

As a result, Ripple, a supplier of enterprise blockchain and cryptocurrency solutions, will debut its Ripple Liquidity Hub in 2022. The system, which is now in preview mode, will enable users to seamlessly access crypto assets across a range of global venues, including market makers, exchanges, OTC desks, and in the future, decentralised venues. The system will provide turn-key integration and intelligent order routeing to enable customers to quickly buy, sell, and hold crypto assets at optimal prices.

Ripple has been utilising Liquidity Hub for internal liquidity management as part of its On-Demand Liquidity solution for nearly two years, enabling millions of transactions worth billions of dollars. Now, Ripple will make the product available to its hundreds of customers worldwide, as well as to any financial institutions, banks, fintech companies, or corporates in need of assistance in preparing for the inevitable crypto-first world.

"We understand firsthand the importance of simple and effective liquidity management – and as such, we've received inquiries from consumers seeking solutions that act as a one-stop shop for purchasing, selling, and holding crypto assets. The combination of Ripple's crypto DNA and our extensive experience working with financial institutions uniquely positions us to address this issue for our customers as they prepare for a tokenized future," said Asheesh Birla, general manager of RippleNet.

Unlike other available solutions, Liquidity Hub is tailored to enterprise customers and their unique requirements, with an easy onboarding process and a streamlined API for obtaining digital assets from a diverse collection of liquidity pools. Additionally, corporations will benefit from optimised pricing across a broad range of digital assets, enabling them to provide their consumers the best price possible across a variety of liquidity venues. Enterprises will not be required to pre-fund Liquidity Hub accounts and will instead be able to access working money via Ripple to fund their company operations.

Ripple's first alpha product partner is Coinme, the largest licenced cryptocurrency cash network in the United States, with thousands of locations nationwide. Coinme will initially leverage Liquidity Hub's core technological infrastructure, with the intention of adding new functionality as it becomes available.

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