Cryptocurrency and digital asset management platform Rooba Finance has raised $1.3 million in a seed round led by Inflection Point Ventures. The round also saw participation from LetsVenture, Endurance Capital, KubeVC, and other angel investors. The platform plans to utilise the fresh funds towards platform development, setting up a licensed platform overseas, and to enable a global GTM.
According to Mitesh Shah, co-founder, Inflection Point Ventures, cryptocurrency and other digital assets are gaining popularity in India. “Many investors of this asset class still find it difficult to understand the trading in such assets. Because these assets are built on Web3.0 and pillars of decentralisation, the system by nature is designed to be automated. Hence, there is a need for a trading platform which can be adopted by enterprises to profit from by enabling digital asset trading. Rooba is addressing this untapped market, which we believe will experience growth in the next 24 months,” Shah added.
At Rooba Finance, we are a team of individuals with experience in the traditional security, banking, enterprise, and cryptographic space, Srinivas L, founder and CEO, Rooba Finance, said. “The universe is at play, and we aim to build the network to support further adoption of the Web3.0 ecosystem,” he added. The platform is expected to go live on October 22.
Rooba’s digital asset management platform helps institutions, family offices, HNI’s, hedge funds, among others, to custody their digital assets through a multi party computation based custody network, and create trade strategies with a wide range of decentralised finance (DeFi) apps, layer 1 protocols, derivatives, among others. The platform also allows Institutions to tokenise physical assets to enable efficient and transparent markets, extending into what would be the first digital commodities and derivatives exchange coming out of India, it said in a statement.