Svmuu News BIT (formerly Matrixport) hosted the "Trust in Digital Finance" industry event in Singapore this week, inviting representatives from global financial institutions and the digital asset industry to discuss topics such as governance standards, compliance frameworks, and operational infrastructure during the institutionalization process. This marks BIT's first public industry-facing event since completing its brand upgrade.
Cynthia Wu, Co-founder and Chief Business Officer of BIT, stated that the approval of spot Bitcoin ETFs in the US in early 2024 was a key turning point for the industry's move towards institutionalization, further bringing digital assets into the asset allocation purview of mainstream institutions. As institutional capital accelerates its entry, market demands for platforms and infrastructure have significantly increased, with custody architecture, compliance systems, and operational transparency shifting from value-adds to entry requirements.
Chief Brand Officer Wendy Sun noted that the transition from Matrixport to BIT reflects the group's strategic positioning for the future of digital finance. BIT not only stands for "Bridge Into Tomorrow" but also embodies the dual connotations of "Build on Integrity and Trust" and "Build It Together," conveying the group's vision of building trust as a foundation and collaborating with industry partners to advance digital finance infrastructure.
The event also featured in-depth discussions centered on the "Trust White Paper" released by BIT last week. Daniel Lee, CEO of Cactus Custody, elaborated on the trust framework proposed in the white paper, covering risk governance, multi-jurisdictional compliance, custody security architecture, and independent audit mechanisms. Chief Compliance Officer Christopher Liu then explained, from a practical implementation perspective, how these frameworks are operationalized in daily activities, including SOC audit reports and independent verification of ISO security standards.