SCB 10X invests $10m in SG crypto custodian

SCB 10X, the investment arm of Thailand’s Siam Commercial Bank, has invested US$10 million in digital asset custodian RakkaR Digital.

Photo credit: SCB 10X

The startup provides institutions on digital asset custody platform Fireblocks with a place to store and manage their Web3 assets, ensuring the “highest-grade” security, the company claims.

RakkaR also uses MPC tech to protect private keys. With the system, parts of private keys and other authentication materials are separated, encrypted, and entrusted to several stakeholders. This reduces the risk that comes with storing these sensitive data points all in one place.

The firm’s institutional customers include ANZ, BNP Paribas, BlockFi, and Nexo.

RakkaR was founded in Singapore this year by Arthit Sriumporn, who previously held management roles at Vietnam’s Techcombank and Siam Commercial Bank.

Thailand-headquartered SCB 10x focuses on investing in Web3 technologies, such as blockchain, the metaverse, and digital assets. Its portfolio companies include Alpha Venture DAO, Nansen, Sandbox, and Anchor.

According to RakkaR, the fresh funding will be used to expand the firm’s expansion in Southeast Asia and Hong Kong.

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