Cryptocurrency wallet service provider Utala secures $18 million Series A funding, headed by Nyca Partners.
Utila, a pioneering fintech company, is set to expand its multi-party computation (MPC) wallet solutions, aiming to cater to the growing needs of institutional clients such as investors, trading firms, banks, and Web3 builders. This global expansion will enable enterprise-grade, multi-blockchain digital asset management for these institutions.
Utila's primary focus is on broadening blockchain integrations, enhancing security and governance, fostering partnerships with banks and financial institutions, and enabling operational scalability through API and automation tools.
One key area of advancement is the addition of support for blockchains like the XRP Ledger, allowing institutions to manage assets across various blockchains within a unified MPC wallet infrastructure. This integration offers secure custody, treasury management, and cross-border payment capabilities, leveraging XRP’s fast settlement and low costs.
Security and compliance are paramount in Utila's MPC wallets. They offer military-grade security to prevent key mismanagement and insider threats, and implement advanced governance with role-based access controls and transaction approval workflows tailored for institutional treasury operations on different blockchains.
Utila is also partnering with networks such as XDC Network to offer non-custodial MPC wallets to banks and financial firms, enhancing secure asset custody on newer blockchains.
The platform provides programmatic access via APIs for workflow automation and real-time monitoring of wallet balances and transactions, facilitating seamless operational integration for institutional users.
Utila's global market presence and customer growth are being focused on key financial hubs, integrating asset operations across blockchains to meet institutional demand across North America, Europe, and beyond.
Rabi, the founder of the company, emphasizes the limited options available for crypto wallets, with organizations often relying on outdated institutional ones with missing features or simple ones that are not enterprise-ready.
Utila's recent $18 million Series A round, led by Nyca Partners, will fund this expansion. Participants in the fundraising round included Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners.
The company emerged from stealth with $11.5 million last year and has managed to raise a total of $30 million from VCs. This expansion will allow Utila to meet the rising institutional demand for digital assets.
The expansion campaign also aims to advance gas management, API integrations, and smart contract support. The need for such solutions has become evident, as demonstrated by the recent $1.5 billion hack on crypto exchange Bybit.
Utila has experienced a significant increase in demand for its MPC wallet solutions. The company is now managing $8 billion in monthly digital asset transactions, a significant increase from the $3 billion registered in three months in 2024.
As more traditional financial institutions embrace crypto payments, the demand for robust digital asset infrastructure services is on the rise. Utila told CoinDesk about this growing trend and its commitment to meeting this demand.
News of Utila's global expansion will be welcomed by the finance and Web3 communities, as the fintech company aims to simplify digital asset management for institutional investors, trading firms, banks, and Web3 builders. With the help of advanced technology, Utila is increasing security, initiating partnerships, and expanding support for various blockchains like XRP Ledger, providing secure custody, treasury management, and cross-border payment capabilities. The recent $18 million Series A round will aid Utila in meeting the rising institutional demand for digital assets and addressing the need for better crypto wallet solutions in the finance industry.
