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