Rakkar Digital Raises $10 Million in Seed Round

Rakkar Digital, based in Singapore, recently organize a seed funding round. They announced that they raised $10 Million in the seed funding round. 

About Investment Round 

According to the information provided by the managers of Rakkar Digital, there was only one investor in the investment round. The project was supported by a unit of SCB 10X, one of the oldest banks in Thailand. 

Mukaya (Tai) Panich, CEO and CIO of SCB 10X, said in a statement that the success of the Rakkar Platform and App depends on certain milestones, including the soft launch and full launch. He added that SCB 10X looks optimistically and logically to Rakkar Digital’s determination of the Southeast Asia region as its target customer group. 

Arthit Sriumporn, who is currently the founder and CEO of Rakkar Digital, is one of the former executives of SCB. Arthit Sriumporn said in an interview that Mukaya Panich, the current CEO of SCB, has joined Rakkar’s board of directors. 

While Rakkar Digital currently has a single investor, CEO Sriumporn said other investors will be reached in future rounds. 

Rakkar Digital was established in the second month of 2022 and emerged in order to serve corporate customers located in Southeast Asia. The company, which currently uses Fireblocks technology, is expected to launch its own mobile application next year. CEO Sriumporn said the application that will be released will allow its users to access their digital assets on the go and receive yield generation services, as well as other services.
Currently, there are currently 20 people working at Rakkar Digital’s Singapore and Thailand offices. With this capital, the company plans to add 50 more people to its team in the future  

“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 [multi-party computing] custodial technology and a broad platform for users to engage with and trade digital assets in the region and beyond.” Michael Shaulov, CEO and co-founder of Fireblocks, said in a statement.

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