Web3 Assets Custody Solution RakkaR Digital Receives $10M from SCB 10X

RakkaR Digital said it will use the funds to accelerate its expansion through Southeast Asia and Hong Kong.
Image source: bangkokbiznews.com

Quick take:

  • RakkaR Digital has raised received a $10 million investment from Thailand’s Siam Commercial Bank.
  • The Fireblocks-based digital asset custody solution wants to scale growth in Southeast Asia.
  • RakkaR utilises Fireblocks’ multi-party computation (MPC) to keep private keys safe and prevent cyber-attackers from stealing NFTs.

Thailand’s Siam Commercial Bank’s blockchain, the metaverse, and digital assets investment arm SCB 10X has invested $10 million in the crypto custody solution RakkaR Digital. RakkaR provides web3 assets management services to institutions on Fireblocks. The Bangkok-baed startup plans to use the funds to accelerate growth across Southeast Asia and Hong Kong.

According to the company’s client list, RakkaR’s services are used by some of the leading crypto platforms and mainstream financial institutions, including the Australian and New Zealand Banking Group (ANZ), Paris-based investment banking giant BNP Paribas, and popular crypto lending platforms BlockFi and Nexo.

Commenting on the fundraising, Michael Shaulov, CEO and co-founder of Fireblocks, said: “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. Fireblocks is proud to power and secures the RakkaR Digital platform to serve this fast-growing segment with secure MPC custodial technology and a broad platform for users to engage with and trade digital assets in the region and beyond.”

Besides offering digital asset management solutions to companies, RakkaR also leverages Foreblocks’ multi-party computation (MPC) custodial technology to keep private keys safe and prevent cyber-attackers from stealing non-fungible tokens (NFTs). An NFT is a digital representation of a JPEG, artwork, or digital collectible stored on the blockchain. 

According to Mukaya (Tai) Panich, CEO and CIO of SCB 10X, RakkaR also plans to use some of the funds from the seed round to deploy a soft launch and full launch of RakkaR’s platform and app.

Arthit Sriumporn who previously held positions at Techcombank and Siam Commercial Bank founded RakkaR in February this year. According to the press release announcing the fundraising, the company plans to launch a dedicated app next year, expanding its service beyond the Fireblocks platform.

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