Utila, a digital asset operating platform has raised $ 18 million in a series A to extend its multi-party calculation portfolio solutions (MPC), as institutional demand to manage digital assets is soaring, the company told Coindesk.
The NYCA partners led the tour, with the participation of Wing VC, NFX, Haymaker Ventures, Gaingels and Cerca Partners. The last round covers the total funding capital of the startup at around $ 30 million, since it was released from stealth last year.
Utila has experienced a new wave of digital asset infrastructure demand, as payment suppliers, Fintech and Neobanks companies are increasingly using digital assets, including stabblecoins and tokenized assets in their operations, said Bentzi Rabi, co-founder and CEO of Utila, in an interview.
With persistent security concerns in the management of digital assets, once again highlighted by the feat of $ 1.5 billion in Crypto Exchange bybit “, organizations do not have many options today,” said Rabi.
“They use either obsolete institutional portfolios that lack key characteristics or simple wallets that are not ready for the company,” added Rabi.
Its platform uses multipartite calculation technology (MPC), which divides a private key to several parts, reducing the risk of a single failure point. It also offers insurance coverage against security threats and asset losses, the continuity of companies offering to reflect features that already have a service in place.
The company’s platform has managed $ 8 billion in monthly digital assets, said Rabi, a considerable bump compared to the $ 3 billion in three months at the start of 2024.
Funding will help use globally and improve product offers, including advanced gas management, API integrations and intelligent contract support.
