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  • Ciara Sun took part in an interview earlier this week where she made it clear that one of the biggest obstacles for crypto is the lack of infrastructure services
  • As regulation gets clearer by the day all over the world, many institutional investors have started to get more involved with the industry.

The head of global market at Huobi Group, Ciara Sun took part in an interview with Cointelegraph China earlier this week on the 27th of July where she made it clear that one of the biggest obstacles for the crypto space is the lack of infrastructure services despite the security.

As regulation gets clearer and clearer by the day all over the world, many institutional crypto investors have started to get more involved with the nascent industry.

According to Sun, another big risk for the whole crypto industry is scams and hacking. When it comes to the traditional markets, hacking isn’t a massive issue but given the decentralised nature of cryptocurrency, many bad actors take advantage of those unwittingly new and unaware of the high rate of scams within the market.

“Unlike banks, crypto exchanges simply act as ledgers for transactions. The actual assets are stored in cold wallets, so losses can be permanent if the keys are stolen. Traditional institutions also have very stringent requirements for insurance and escrow to protect users against losses, but the same can’t be said about many of the smaller crypto exchanges that operate in this space.”

Talking about security though, Sun said that that the Huobi platform, security is one of the biggest priorities. She highlights that there have been no major security breaches on the platform for more than six years now.

“We’ve launched an on-chain monitoring tool called Star Atlas to identity and detect illicit activities. Our security team will plan to reveal the security report in a regular routine in the fourth season 2020.”

As more institutional players get involved in the crypto space due to more clarity around regulation, the future of cryptocurrencies is looking bright. Looking towards the market, bitcoin surpassed the $10,000 mark at long last earlier this week only to see it spike once again to $11,000 following a 1.64% increase over the past 24 hours at the time of writing. 

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

(Excerpt) Read more Here | 2020-07-29 13:33:01

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