Following this announcement, Utila aims to leverage this new funding in order to enable organisations to address the fast-growing market with the use of a secure and institutional-grade platform for digital asset operations.
In addition, the investment will be leveraged to scale global operations to meet the demand for its institutional MPC wallets, accelerate growth, and expand its R&D efforts. The funding round was led by Nyca Partners with participation from seed investors Wing VC and NFX, as well as funds such as Haymaker Ventures, Gaingels, and Cerca Partners.
As the emergence of stablecoins is rapidly shifting the digital asset industry from speculative trading to operational use cases, the payment industry is responding with multiple initiatives as well. This shift also emphasises the overall growing institutional adoption of blockchain-based transactions, while also bringing with it the increasing demand for enterprise-grade, secure, and high-speed operational platforms. At the same time, by focusing on the next wave of digital asset adoption and allowing businesses to move value securely, Utila will prioritise its development process by following these fast-moving market trends, as well as providing its customers with a new set of product capabilities, such as efficient gas management, scalable APIs, deep support for smart contract interactions and connectivity to banking rails.
At the same time, Utila’s platform was developed to support the complex needs of payment companies and FIs engaging in digital asset capabilities. Included in its features are the secure MPC wallets (this product was developed by cryptography and cybersecurity experts, providing wallets backed by military-grade security protecting from key mismanagement, insider, and outsider threats), user and transaction management (allows organisations to assign roles and set different approval flows based on multiple parameters), wide set of integrations, tokenization engine for token issuers, as well as agnostic to blockchains, comprehensive insurance coverage, business continuity offering, and robust APIs.
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