Rakkar Digital, a Singapore-based company providing digital asset custodian services to institutional and enterprise clients across Southeast Asia and Hong Kong, is pleased to announce the launch of Rakkar Digital Asset Custodian, powered by Fireblocks’ MPC-CMP direct custody technology.
The announcement follows “a USD 10 million seed funding investment in June 2022 by SCB 10X, the venture capital arm of Siam Commercial Bank.”
Rakkar Digital has also recently “obtained a Trust or Company Service Provider (TCSP) Licence in Hong Kong and is operating as a qualified custodian.”
As the digital asset industry is growing and becoming more vulnerable to cyber threats, the need “for secure and reliable infrastructure has become increasingly important.”
Rakkar Digital addresses this need “by providing institutional-grade qualified custodian services to its clients.”
As a TCSP licensee, Rakkar Digital operates “under the remit of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).”
This ensures “that due diligence requirements are met, and proper safeguards are in place to prevent money laundering or terrorist financing activities.”
Arthit Sriumporn, Founder and CEO of Rakkar Digital, said:
“From day one, we had a strong passion to build reliable infrastructure for the industry. We have come a long way with the launch of our institutional-grade qualified custodian services. We will continue to improve our products and services based on our core values: trust, security and authenticity. These milestones demonstrate our commitment to providing secure and reliable digital asset custodian services to institutional clients in the region.”
Rakkar Digital Asset Custodian is “built on cutting-edge technology and robust security measures.”
With Fireblocks’ ultra-secure MPC-CMP technology, hardware isolation enables multi-layer security while maintaining flexibility.
The proprietary admin quorums setup “provides a highly self-customisable policy engine which allows configuration at account and vault level to meet clients’ needs.”
Moreover, all clients’ assets “are segregated, which means it is not only safeguarding clients’ assets but is also fully ‘bankruptcy remote’, ensuring the protection of the underlying investors.”
Rakkar Digital Asset Custodian “supports over 1,000+ tokens on 40+ chains with fast SLAs and 24/7 support.”
Stephen Richardson, Managing Director, Financial Markets and Head of APAC at Fireblocks, said:
“With the digital asset industry continuing to grow rapidly in Asia and more regulatory clarity being established, custody will become paramount and form the foundation for digital asset companies. We are proud to support Rakkar Digital in bringing their custody solution to market, as well as connecting them to the Fireblocks Network, enhancing their connectivity offering and providing institutional investors with direct access to the global crypto capital markets. As a TSCP licensee, Rakkar Digital will be able to further boost confidence amongst its enterprise and institutional client base, and allow clients to manage their digital assets with ease.”
Rakkar Qualified Digital Asset Custodian is now “available for institutional and enterprise clients in Southeast Asia and Hong Kong.”