Siam Commercial Bank of Thailand’s investment division, SCB 10X, has invested $10 million in digital asset custodian RakkaR Digital.
According to the business, institutions using the digital asset custody platform Fireblocks now have a location to store and manage their Web3 assets with the “highest-grade” security.
Additionally, RakkaR employs MPC technology to safeguard private keys. The system separates, encrypts, and distributes portions of private keys and other authentication elements to various stakeholders. This lowers the danger associated with keeping all of these delicate data points in one location.
Institutional clients of the business include ANZ, BNP Paribas, BlockFi, and Nexo.
Arhit Srumporn, who previously held management positions at Vietnam’s Techcombank and Siam Commercial Bank, founded RakkaR in Singapore this year.
SCB 10x, a company with its headquarters in Thailand, specializes in investing in Web3 technologies like blockchain, the metaverse, and digital assets. Its portfolio businesses include Anchor, Nansen, Sandbox, and Alpha Venture DAO.
The new cash, according to RakkaR, would be applied to the company’s development in Hong Kong and Southeast Asia.
