Rakkar to Provide Institutional Custody Support for Agora’s AUSD Stablecoin

Singapore, 3 December 2024 — Rakkar, Asia’s leading qualified digital asset custodian backed by SCB10X of Siam Commercial Bank, proudly announces its partnership with Agora, a pioneering stablecoin issuer backed by Dragonfly, Galaxy, Wintermute, Mirana, Mantle, Foresight Ventures, Kraken Ventures and Consensys to bring financial inclusion to the forefront with AUSD.

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Leveraging Rakkar’s cutting-edge asset security architectures, certified for excellence by ISO 27001, SOC 1, and SOC 2 attestations, institutional clients can now custody AUSD with unparalleled asset protection and compliance across jurisdictions.

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This collaboration will empower institutions across Asia with secure and compliant custody of AUSD – a fully collateralized, bankruptcy-remote digital dollar backed by The Agora Reserve Fund, Agora’s private fund managed by VanEck and audited by PwC, providing added credibility to AUSD.

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Arthit Sriumporn, Founder and CEO at Rakkar quotes, “By combining Rakkar’s secure custodial infrastructure with Agora’s AUSD stablecoin, we are providing our institutional clients with increased accessibility without security compromise, opening doors for institutions to participate in the global economy in a secure and compliant manner.”

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Nick van Eck, Founder & CEO at Agora quotes, "We are thrilled to partner with Rakkar, one of Asia's leading custody providers, to further expand the ecosystem use cases of AUSD. This collaboration underscores our commitment to delivering secure and seamless digital dollar solutions to institutions and users across the region. Together with Rakkar, we aim to unlock new opportunities for innovation and adoption, solidifying AUSD's position as the most trusted and efficient stablecoin for the global market."

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For more information about the partnership and the services offered, please visit Rakkar Digital’s official website and Agora's official website.

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About Rakkar

Rakkar stands as the fastest growing digital asset custodian in Asia, offering unparalleled asset security to financial institutions such as Bitkub. Fortified by its strategic backing from SCB 10X, the venture arm of the Siam Commercial Bank, Rakkar employs industry-leading, bank-caliber security measures, compliance frameworks and operational agility. Founded in 2022 and belting esteemed security excellence certifications such as ISO 27001 and SOC 2 Type 1 & 2, Rakkar remains unwavering in its mission to offer the most secure, institutional-grade custodian services across Asia.

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About Agora

Agora is building a digital payments platform built on blockchain-based rails to power the next generation of digital commerce.  Agora’s first product is a fully reserved digital dollar (AUSD), redeemable 1:1 for US dollars.  The assets backing the digital dollar will be held in a bankruptcy-remote reserve trust. These assets will be managed by VanEck in a private fund (The Agora Reserve Fund). State Street will be the cash custodian for the fund, and its administrator. The fund's portfolio will include cash, US treasuries, and overnight repo. PWC will be the auditor of the Fund. Agora will not custody customer assets or digital assets. Agora services will only be available to institutions who undergo comprehensive KYB/AML checks prior to on-boarding.