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What to know:
- Utila, a digital asset operations platform, raised $18 million in a Series A funding round to expand its multi-party computation (MPC) wallet service due to increasing institutional demand for managing digital assets and stablecoins. 🤑
- The company’s platform has experienced a fresh wave of demand for digital asset infrastructure, as payment providers, fintech firms and neobanks increasingly use digital assets, including stablecoins and tokenized assets, in their operations, CEO Bentzi Rabi said. 🏦
- The funding will be used to expand globally and enhance its product offerings, including advanced gas management, API integrations, and smart contract support. 🌍
Well, folks, it seems like the world of digital assets is hotter than a Mississippi summer, and Utila is riding the wave like a riverboat gambler on a winning streak. The company just scooped up $18 million in a Series A round to expand its fancy MPC wallet solutions. Institutional demand for managing digital assets is soaring higher than a bald eagle with a jetpack, and Utila is cashing in. 🦅💸
Nyca Partners led the charge, with Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners tagging along like a posse of eager investors. This latest round brings Utila’s total venture capital funding to a cool $30 million since it emerged from stealth last year. Not bad for a startup that’s younger than my last pair of boots. 👢
According to Bentzi Rabi, Utila’s co-founder and CEO, the company is seeing a fresh wave of demand for digital asset infrastructure. Payment providers, fintech firms, and neobanks are jumping on the digital asset bandwagon faster than a cat on a hot tin roof. Stablecoins and tokenized assets are the new gold rush, and Utila is selling the shovels. ⛏️
With security concerns lingering like a bad smell after a fish fry, Rabi pointed out that organizations don’t have many options. “They’re either using outdated institutional wallets that lack key features or simple wallets that aren’t enterprise-ready,” he said. Utila’s platform, on the other hand, uses MPC technology to split private keys across multiple parties, reducing the risk of a single point of failure. It’s like having a secret handshake, but for your crypto. 🤝
The platform also boasts insurance coverage against security threats and asset losses, along with business continuity offerings. In other words, they’ve got your back like a trusty old hound dog. 🐕
Rabi claims the platform has handled $8 billion in monthly digital asset transactions, a hefty jump from the $3 billion it managed in early 2024. That’s enough money to buy a small country—or at least a very large yacht. 🛥️
The funding will help Utila expand globally and enhance its product offerings, including advanced gas management, API integrations, and smart contract support. So, buckle up, folks. The digital asset train is leaving the station, and Utila is driving the engine. 🚂
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2025-03-19 15:24