June 16, 2022, New Delhi: Institutional Crypto & Digital Asset Management Platform Rooba Finance has raised $1.3 Million in a Seed round led by Inflection Point Ventures. It also saw participation from LetsVenture, Endurance Capital, KubeVC, and Other prominent angel investors. The funds raised will be utilized towards Platform Development, setting up a licensed platform overseas, and enabling a global GTM.
Rooba’s Self Custodial full-stack digital asset management platform helps Institutions, Family Offices, HNI’s, Hedge Funds, etc to securely custody of their digital assets through a Threshold Multi-Party Computation-based custody network, and create trade strategies with a wide range of Defi apps, Layer 1 protocols, derivatives, etc, all from the convenience of a single dashboard.
The platform also allows Institutions to tokenise physical assets to enable efficient and transparent markets, extending into what would be the first digital commodities & derivatives exchange coming out of India.
Since Rooba’s launch, they have been able to gain substantial traction from traditional custody players, HNIs, and Investment Managers. The company is in the advanced stages of discussions with a large entity to set up its precious metal token and derivative offering, globally.
Mitesh Shah, Co-Founder, Inflection Point Ventures says, “Crypto and other digital assets are fast gaining popularity in India; however, many aspiring investors of this asset class still find it difficult to understand the trading in such assets. Because these assets are built on Web3 and pillars of decentralization, the system by nature is designed to be trustless as it is completely automated. Hence, there is a need for a safe, fast and efficient trading platform that can be adopted by enterprises to profit from by enabling digital asset trading. Rooba is addressing this largely untapped market, which we believe will experience exponential growth in the next 24 months.”
The platform comprises an institutional-grade layer 2 networks and a Threshold Multi-Party Computation Wallet that will let customers manage their assets without the need to ever create or manage a private key.
It is led by the passionate founder Srinivas L who is a cryptography and security expert with over 22 years of experience with companies like McAfee, Research in Motion Microsoft & Samsung, and his vision is to establish Rooba as the safest and fastest network to enable adoption of the web3 ecosystem by financial institutions, enterprises, and retail customers.
Srinivas L, Founder & CEO, Rooba Finance says, “At Rooba Finance, we are a team of passionate individuals with years of experience in the traditional security, banking, enterprise, and cryptographic space. The universe is at play, and we are out to build the most logical and functional network to support further adoption of the Web3 ecosystem.”
The platform is slated to go live on October 22, along with a strong international presence. With a current market size of $1.7 Trillion, the global cryptocurrency market is expected to reach $32.42 Trillion by 2027 at a CAGR of 58.4% as per Research and Markets. With retail investments peaking and regulatory clarity on the horizon, Institutional participation is expected to increase exponentially, thereby providing a unique growth opportunity for Rooba Finance and its infrastructure.