The institutional crypto platform Utila has recently secured a $11.5 million seed funding from key investors, including NFX, Wing VC, and Framework Ventures.
We remind you that Utila offers organizations the possibility to securely manage their digital assets through an innovative non-custodial multi-chain portfolio. Below we see all the details.
Summary
Crypto news: important funding for Utila
As anticipated, Utila has secured an initial funding of 11.5 million dollars, led by NFX and Wing VC, to support the development of its institutional crypto platform.
Also participating in the round were Framework Ventures and angel investors, including Balaji Srinivasan, Charlie Songhurst, and Surojit Chatterjee.
The Utila platform allows institutions and developers to securely manage digital assets through a non-custodial, chain-independent wallet.
In the last six months, it has facilitated over 3 billion dollars in transactions for dozens of institutional investors and crypto companies, as stated by the company.
The funding, raised in 2023, will be used to accelerate the development of the product and expand Utila’s team, currently consisting of 25 people. The valuation and structure of the round have not been disclosed by Utila.
According to the Utila team, the platform is designed to address the operational, regulatory, and security challenges related to the adoption of cryptocurrencies by companies.
The team argues that current institutional cryptocurrency wallets have been limited by a complex user experience.
The transition to Utila was a crucial moment for 1Konto, a platform for trading digital assets, which overcame the main challenges thanks to an innovative and efficient solution.
Edwin Handschuh, co-founder and CEO of 1Konto, praised the intuitive UI/UX of Utila, which has significantly reduced the learning curve and sped up transactions with customers.
Morgan Beller, General Partner at NFX, stated that Utila is making enterprise-grade wallets more accessible, usable, and secure than ever before.
A complete ecosystem for the secure management of crypto assets
Utila, with its non-custodial wallet, offers organizations the possibility to maintain control over their assets through different networks, including Bitcoin, Ethereum, chains compatible with Ethereum Virtual Machine and Solana.
The platform is based on the management of MPC (multi-party computation) keys and boasts an onboarding process of less than five minutes, integrating with customers’ exchange accounts, DeFi, and bank accounts.
The MPC consists in dividing a private key into parts distributed among multiple entities, allowing them to jointly perform cryptocurrency transactions without any single party ever having access to the entire key.
Utila attracts a wide range of clients, including institutions such as hedge funds, OTC desks, market makers, and prime brokers, who leverage the platform for their trading operations.
Furthermore, crypto-native organizations, such as custodians, exchanges, and token issuers, find benefit in using Utila, the company explained.
Bentzi Rabi, co-founder and CEO of Utila, states that Utila represents more than just a cryptocurrency portfolio. It is a complete ecosystem that addresses current challenges in the crypto asset management space.
