Encrypted custodian RakkaR Digital completes $10 million seed round

余YU

读者

2022-11-01 06:35

This article is about 935 words, reading the full article takes about 2 minutes

Siam Commercial Bank's SCB 10X investment.

AI Summary

Expand

Siam Commercial Bank's SCB 10X investment.

This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator |

Summary:

This article comes from
, original author: Yogita Khatri

Odaily Translator |

secondary title

Summary:

Cryptocurrency custodian RakkaR Digital receives $10 million investment from SCB 10X.

RakkaR said its platform is based on Fireblocks' technology and aims to serve institutions in Southeast Asia.

Singapore-based cryptocurrency custodian RakkaR Digital, which uses Fireblocks' technology to build services, has recently raised $10 million in seed funding.

According to the official announcement, the investor of this round of financing is SCB 10X. It is reported that SCB 10X is the fintech investment arm of Thailand’s oldest bank, Siam Commercial Bank (SCB).

SCB 10X CEO and CIO Mukaya (Tai) Panich told The Block that the investment is contingent on RakkaR achieving certain milestones, including a pilot run and full launch of the RakkaR platform and app, which it declined to disclose deadline. She added that SCB 10X is bullish on cryptocurrency adoption in Southeast Asia, an area RakkaR is focusing on.

RakkaR founder and CEO Arthit Sriumporn said Mukaya Panich joined the RakkaR board.