SCB 10X, the venture investment arm of SCBX group, announced that it has invested $10 million in RakkaR Digital, an institutional-grade digital asset custody platform for institutions powered by Fireblocks.
RakkaR Digital provides institutions in Southeast Asia and Hong Kong with a highly secure custody solution that leverages MPC private key protection.
Customers can use RakkaR to store and manage digital assets with ease while seamlessly participating in Decentralized Finance, NFT marketplaces and other Web3-related activities.
RakkaR Digital will be among the few SEA-focused digital asset custodians that will enable institutional customers to participate in yield generation and DeFi services.
With RakkaR Digital, enterprises will be able to access innovative new technologies to power their custodial and other web3 needs, including security, efficiency, and scalability.
With Fireblocks technology underlying its subcustody solutions, RakkaR Digital will become a fundamental driver in the adoption of web3 technology among new and traditional financial institutions.
“We are very grateful for this investment and strategic partnership,” said Arthit Sriumporn, CEO & Founder of RakkaR Digital. “This investment from SCB 10X and strategic partnership with Fireblocks will help us expand our business in Southeast Asia and Hong Kong.
“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 custodial technology and a broad platform for users to engage with and trade digital assets in the region and beyond,” said Michael Shaulov, CEO and Co-founder of Fireblocks.
SCB 10X uses its investments to pursue a “moonshot mission” to achieve exponential growth through innovation and investment, focusing on disruptive technology, digital assets, blockchain, the Metaverse, and Web3.
The group also recruits passionate and driven entrepreneurs to create great startups at the forefront of technology to be part of their journey.