Thailand-based SCB 10X, the venture investment arm of SCBX group, announced Monday that it has invested $10 million in RakkaR Digital, a Singapore-based institutional-grade digital asset custody platform for institutions powered by Fireblocks.

“This investment from SCB 10X and strategic partnership with Fireblocks will help us expand our business in Southeast Asia and Hong Kong,” RakkaR Digital Founder and Chief Executive Officer Arhit Srumporn said in a statement.

“We have seen significant momentum in recent years toward the adoption of digital assets, especially from institutions. Globally, enterprises and organizations of all sizes need best-in-class, contemporary digital asset custody technology,

“It saves them time and money, and above all, it gives them greater control of their assets. We look forward to further partnering with more institutions to safeguard their assets and seamlessly support their business operations,” he added.

RakkaR Digital provides enterprise-grade digital assets custody solutions for institutions running on the digital asset platform and related services to our clients across Southeast Asia and Hong Kong.

Powered by Fireblocks, the firm operates in multiple countries such as Singapore, Thailand, and Hong Kong and will continue to expand across the region.

The firm provides institutions in Southeast Asia and Hong Kong with a highly secure custody solution that leverages multi-party computation (MPC) private key protection.

Customers can use RakkaR to store and manage digital assets with ease while seamlessly participating in decentralized finance, non-fungible token (NFT) marketplaces and other Web3-related activities.

RakkaR Digital claimed that the firm will be among the few Southeast Asian-focused digital asset custodians that will enable institutional customers to participate in yield generation and DeFi services.

With RakkaR Digital, it said 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 said it will become a fundamental driver in the adoption of web3 technology among new and traditional financial institutions.

“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, Chief Executive Officer and Co-Founder of Fireblocks.

According to the statement, 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.

“RakkaR Digital, powered by Fireblocks, represents the best in secure digital asset custodial technology, while sharing a mission that aligned with SCB 10X’s focus on blockchain-based financial services,” said Mukaya (Tai) Panich, Chief Executive Officer and Chief Investment Officer of SCB 10X.

“Digital assets are the future of the Web3 industry. Investing in the digital asset custody platform that implements institutional-grade security and provides sound safekeeping of these digital assets, as well as seamless access to DeFi, and Web3, ensures that we are investing in the future,” he added.

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