In a recent seed funding round, cryptocurrency custodian startup RakkaR Digital raised $10 million in funding from SCB 10X.
There are multiple crypto firms that are focusing on tightening the security system of the Blockchain infrastructure to provide more confidentiality and encryption to users. The recent crypto winter has affected several firms, leading to layoffs and loss of revenue. However, RakkaR Digital, a Singapore-based crypto custodian startup, has grabbed a whopping $10 million investment in a seed funding round.
RakkaR Digital Gains More Opportunities
Based in Bangkok, RakkaR Digital aims to provide digital asset custody and related services across ASEAN and Hong Kong by adopting technologies from Fireblocks. According to an announcement, RakkaR digital raised $10 million in a recent seed funding round from a single investor, SCB 10X, which is a unit of Thailand’s oldest bank, Siam Commercial Bank (SCB).
There are specific missions that RakkaR aims to accomplish, as Mukaya (Tai) Panich, CEO and CIO of SCB 10X, said that RakkaR might deploy a soft launch and full launch of RakkaR’s platform and app through this investment. SCB 10X looks bullish on RakkaR as the firm may soon expand its operations in Southeast Asia as it is the focus of RakkaR. 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 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.”
RakkaR was established in February of this year and is looking to expand its functionalities to serve institutional clients in the Southeast Asian region. Arthit Sriumporn, RakkaR’s founder and CEO, mentioned that the services of RakkaR can be accessed on the Fireblocks platform, further adding that RakkaR will launch its dedicated app next year.
Crypto Funding Rounds Are On Spike
The continuous rise in demand for cryptocurrencies has led both consumers and institutions to make big deals for companies focused on crypto exchanges, blockchain applications, NFT platforms, and custody services. Capital funding for the crypto space and blockchain companies has been breaking multiple records since 2021. According to data, Blockchain companies raised over $9B by the Q2 of 2021.
The significant amount of funding rounds have included several giants of the space and made ten massive blockchain funding rounds ever. A total of $6.6 billion was raised in these largest ten rounds. Moreover, 2018 held the 2nd record with a total valuation of $6.7B, and in 2021, a staggering $23.1B has been raised by blockchain companies.
