RakkaR Digital, a Singapore-based crypto custodian that uses technology from Fireblocks, has raised $10 million in a seed funding round.
The round was backed by a single investor — SCB 10X — a unit within Thailand's oldest bank, Siam Commercial Bank (SCB), according to an announcement.
The investment is contingent on RakkaR achieving certain milestones, including the soft launch and full launch of RakkaR's platform and app, Mukaya (Tai) Panich, CEO and CIO of SCB 10X, told The Block, while declining to comment on the deadlines for those milestones. SCB 10X is bullish on crypto adoption in Southeast Asia, which is an area of focus for RakkaR, she added.
Panich has also joined RakkaR's board of directors, RakkaR's founder and CEO Arthit Sriumporn, who is a former SCB executive, told The Block.
RakkaR was founded in February of this year and aims to serve institutional clients in Southeast Asia. Its services are currently live on the Fireblocks platform, Sriumporn said, adding that RakkaR will launch its own mobile app next year.
The app will allow users to transact and access digital assets on the go and obtain yield-generation services, among other services, he said.
There are currently 20 people working for RakkaR across its Singapore and Thailand offices and Sriumporn plans to add 50 more people next year with the fresh capital in hand.
While SCB 10X is currently the only investor in RakkaR, Sriumporn said other investors will be approached in future rounds.
"Southeast Asian markets have some of the highest digital asset and crypto adoption rates in the world, especially in areas such as DeFi, GameFi and web3," Michael Shaulov, CEO and co-founder of Fireblocks, said in a statement. "Fireblocks is proud to power and secure the RakkaR Digital platform to serve this fast-growing segment with secure MPC [multi-party computation] custodial technology and a broad platform for users to engage with and trade digital assets in the region and beyond."
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