Crypto Wallet Provider Utila raises $ 18m as institutional demand for digital assets Soars
Utila, a digital asset operation platform, raised $ 18 million in a series of a rotation to expand multi-party wallet solutions (MPC) as institutional demand to manage digital assets are growing, the company said in CoinDesk.
The NYCA partners led the twist, with participation from Wing VC, NFX, haymaker ventures, gaingels, and cerca partners. The latest cycle brings the total venture capital fund of the startup to nearly $ 30 million, from emerging from last year’s robbery.
The oriac has experienced a fresh wave of demand for digital asset infrastructure, as payment providers, fintech firms and neobanks especially use digital assets, including stablecoins and tokenized assets in their operations, Bentzi Rabi, co-founder and CEO of the oriented, said in an interview.
With long -term security concerns in managing digital assets, again pulled to the spotlight of the $ 1.5 billion of exploitation of the Crypto Exchange Bybit, “organizations do not have many options today,” Rabi said.
“They use either outdated institutional wallets that lack the basic features or simple pursuit of the business,” Rabi added.
The leverages of its platform Multiparty computation (MPC) technology, which divides a private key into many parties, reduces the risk of a single point of failure. It also features the scope of insurance against security threats and losses of property, offering a business continuation of glass features that are already service to the area.
The company’s platform holds $ 8 billion in monthly digital asset transactions, Rabi said, a massive bump from $ 3 billion to three months in early 2024.
The funds will help the ornament to expand worldwide and enhance its product offerings, including advanced gas management, API integration, and intelligent contract support.
