RakkaR Digital, one of the world’s leading digital assets custodians has secured a $10 million seed capital to fund its business operations. According to a news source, the major financing was provided by just one investor, SCB 10X, a division of Siam Commercial Bank, Thailand’s oldest bank (SCB).
The CEO and CIO of SCB 10X, Mukaya (Tai) Panich revealed that the investment is dependent on RakkaR reaching specific objectives, such as the soft launch and full launch of its platform. Not much information was revealed by the CEO concerning the deadline set for achieving these objectives.
SCB 10X is very interested in the adoption of cryptocurrencies which is one of RakkaR’s target markets in Southeast Asia.
RakkaR is a company that was established in February of this year with the goal of serving institutional clients in Southeast Asia. According to RakkaR’s CEO Arthit Sriumporn, its services are now active on the Fireblocks platform. RakkaR also plans to introduce a mobile app next year. The Rakkar Digital platform currently supports 35 protocols and more than 1,000 tokens.
Among other capabilities, the app will enable users to transact, access digital assets while on the road, and get produce-generation services.
Despite the fact that SCB 10X is the only investor in RakkaR at this time, Sriumporn promised that more investors will be contacted in later rounds.
Currently, 20 employees work at RakkaR in its offices in Thailand and Singapore, but Sriumporn hopes to hire 50 more workers next year with the new funding at hand. Panich has also joined the board of directors of RakkaR
“Fireblocks is honoured to power and protect the RakkaR Digital platform in order to serve this quickly expanding market with secure MPC [multi-party computation] custodial technology and a wide platform for users to interact with and exchange digital assets in the area and beyond,” said Michael Shaulov, the founder and CEO of Fireblocks
Recent Fund Raise in the Crypto Space
The digital currency ecosystem has been receiving massive Venture Capital funding in recent times.
In related news, Dan Holzmann, a co-owner of the Swiss football team FC Basel, and the venture capital firm Tioga Capital, located in Belgium, recently co-led a €5 million ($5 million) investment round for the NFT business Exclusible.
Similarly, Sandeep Nailwal, the founder of Polygon, and Kenzi Wang, the co-founder of Cere Network, have raised $50 million for web3 through their venture capital company, Symbolic Capital.
