Cryptocurrency custodian RakkaR Digital has recently raised $10 million with the support of Siam Commercial Bank’s (SCB) venture arm SCB 10X.
According to a report by The Block, the Singapore-based crypto custodian RakkaR Digital, which is a Fireblocks-powered platform and serves Southeast Asian institutions, has received $10 million in an initial funding round with the support of just one investor, SCB 10X, a division of Thailand’s oldest bank, Siam Commercial Bank (SCB).
Although Mukaya (Tai) Panich, CEO and CIO of SCB 10X, declined to specify the timing of the meeting, she said that the investment is subject to RakkaR meeting a number of objectives, including the soft launch and full launch of RakkaR’s platform and app.
SCB 10X sees massive potential in Southeast Asia
RakkaR’s primary market of interest, Southeast Asia, is a region where SCB 10X appears confident about the adoption of cryptocurrencies. The founder and CEO of RakkaR, Arthit Sriumporn, a former SCB executive, revealed that Panich has also joined RakkaR’s board of directors.
In February this year, RakkaR was established with the goal of providing institutional clientele in Southeast Asia. According to Sriumporn, its services are now active on the Fireblocks platform. RakkaR will also introduce its own mobile application next year, with the ability for users to transact, access, and get yield-generation services while on the go.
With the new funding, RakkaR, which has 20 employees in its offices in Thailand and Singapore, aims massive expansion and hiring of 50 more employees next year.
Although SCB 10X is the only investor in RakkaR at the moment, Sriumporn stated that more investors will be contacted in later phases. Michael Shaulov, CEO and co-founder of Fireblocks, which recently surpassed $100 million annual revenue mark in 2022, stated:
“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.”
It is important to note that in May this year, Fireblocks assisted the TRX and all TRC20-based tokens of the TRON DAO blockchain, as TheCoinRise reported.