Rooba Finance Raises $1.3 Million In Seed Funding The fund raised will be utilized towards the development of the platform, set up a licensed overseas platform and to enable a global GTM
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Rooba Finance, an institutional crypto and digital asset management platform, has raised $1.3 million in Seed funding round, led by Inflection Point Ventures. The round also witnessed participation from LetsVenture, Endurance Capital, KubeVC and other angel investors. The fund raised will utilized towards the platform development, setting up a licensed overseas platform and to enable a global GTM.
"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 a logical and functional network to support further adoption of the Web3 ecosystem," said Srinivas. L, founder and CEO, Rooba Finance.
The platform allows institutions to tokenize physical assets to enable efficient and transparent markets, extending into what would be the first digital commodities and derivatives exchange coming out of India. The company is in advanced stages of discussions with a large entity to set up their precious metal token and derivative offering, globally. 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, as per company's statement.
"Crypto and other digital assets are quickly gaining popularity in India. However, many aspiring investors of this asset class still find it difficult to understand the trading in such assets. Rooba is addressing this large untapped market, which we believe will experience an exponential growth in the next 24 months," said Mitesh Shah, co-founder, Inflection Point Ventures.
Rooba Finance is an institutional digital assets management platform that helps institutions, HNIs, Hedge funds, family offices and so on, to store their digital assets like crypto, NFT and other tokens in the most secure manner and have access to multiple investment vehicles in a single frame.
According to market research, the global cryptocurrency is valued at $1.69 billion in 2021 and is expected to grow at a CAGR of 7.2 per cent during the forecast period of 2021 to 2027.