Utila, a company specializing in cryptocurrency services for businesses, has announced a successful seed investment of $11.5 million. The funding round saw participation from venture capital firms NFX and Wing VC, as well as contributions from industry experts such as Balaji Srinivasan. Utila’s offering primarily consists of an independent custody wallet, catering to developers and institutions handling digital asset transactions.
Expanding Utila’s Reach in the Crypto Market
The enterprise has witnessed significant engagement on its platform, with over $3 billion in transactions by institutional players in the last half-year. Utila plans to use the fresh capital to expedite product enhancement and grow its current workforce of 25 employees. The service aims to resolve the operational and regulatory challenges businesses face when integrating crypto into their operations, while also providing a streamlined user experience.
Utila’s Unique Multi-Network Wallet Solution
Utila’s wallet supports multiple blockchain networks, including Bitcoin, Ethereum, Ethereum Virtual Machine-compatible chains, and Solana. Their service promises rapid onboarding, leveraging multi-party computation (MPC) for key management, facilitating transactions, and connecting to clients’ bank and exchange accounts, as well as decentralized finance (DeFi) platforms. MPC ensures secure transactions by dividing a private key among several parties, eliminating single-point access to the complete key.
The platform serves a variety of clients, from hedge funds to market makers, and also appeals to crypto-specific entities such as custody services and token issuers. Utila’s co-founder and CEO, Bentzi Rabi, emphasizes the platform’s holistic approach to crypto asset management, positioning it as more than just a wallet but an entire ecosystem tailored to meet the evolving needs of the industry.
Utila is positioning itself as a leader in the provision of corporate cryptocurrency solutions, with the recent funding round signaling strong confidence in its mission to simplify and secure digital asset management for entities across the financial spectrum.