In a seed fundraising round sponsored by Wing VC and NFX, Utila has raised $11.5 million to assist in the development of its institutional cryptocurrency platform. Among the other investors in the round were Framework Ventures and angel investors Surojit Chatterjee, Charlie Songhurst, and Balaji Srinivasan.
With its non-custodial wallet that is independent of chains, Utila gives developers and institutions the ability to safely manage digital assets. According to the company, the platform has already facilitated over $3 billion in transactions over the last six months for dozens of institutional investors and crypto-native enterprises.
🚀 Big News! Utila Raises $11.5M in Seed Funding! 🚀
We’re thrilled to announce that we’ve secured $11.5 Million in seed funding from top VC funds and prolific angel investors. 🎉
This marks a significant milestone in our mission to empower institutions with secure and… pic.twitter.com/R2vdng0p0D
— Utila (@utila_io) March 5, 2024
According to a Utila representative who talked with The Block, the money was raised throughout 2023 and will be utilized to increase Utila’s current staff of 25 employees and expedite product development. Utila declined to provide a price or an analysis.
Organizations may maintain control over their assets across many networks, such as Solana, Ethereum, Bitcoin, and chains compatible with the Ethereum Virtual Machine, thanks to Utilia’s non-custodial wallet.
The platform integrates with clients’ bank accounts, DeFi, and exchange accounts, and it promises to provide onboarding in less than five minutes. It is driven by MPC (multi-party computation) key management. By dividing a private key into portions that are dispersed among several parties, MPC enables them to collaborate on carrying out crypto transactions without ever giving access to the full key to any one party.
The mission of Utila is to assist companies in utilizing a safe and straightforward method of accessing the entire cryptocurrency market. For anybody who wishes to create, launch, store, stake, or just transact with cryptocurrencies, we want to make it simple and uncomplicated.
The assets are fully retained by the wallet address, which is the hallmark of self-custody. This indicates that wallet and asset management on a private ledger is not done by a third party. The assets are transferred only upon your express permission.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
