Gurugram-based Rooba Finance, a platform that enables businesses and institutions to support trade and custody digital assets securely, has raised $1.3 million in a seed funding round led by Inflection Point Ventures, along with the participation from LetsVenture, Endurance Capital, KubeVC, and Other prominent angel investors.
Rooba says its self-custodial full-stack digital asset management platform helps institutions, family offices, HNI’s, hedge funds, etc to securely custody 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.
“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," said Srinivas L, Founder & CEO of Rooba Finance.
The platform also allows Institutions to tokenize physical assets to enable efficient and transparent markets, extending into what would be the first digital commodities & derivatives exchange coming out of India.
According to the statement, the startup will use the raised capital towards platform development setting up a licensed platform overseas, and enabling a global GTM.
Speaking on the investment, Mitesh Shah, Co-founder of Inflection Point Ventures, said, "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 which can be adopted by enterprises to profit from by enabling digital asset trading."
"Rooba is addressing this large untapped market, which we believe will experience an exponential growth in the next 24 months," Mitesh adds.
The platform comprises an institutional-grade layer 2 network 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.
Since its inception, Rooba claims to have gained substantial traction from traditional custody players, HNIs, and Investment Managers. The startup is in the advanced stages of discussions with a large entity to set up its precious metal token and derivative offering, globally, it said.
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, it adds.