Ika Secures $21M Funding, Revolutionizes Web3 Security with Sui

Ika, a pioneering parallel MPC network, has announced a strategic investment from the Sui Foundation, pushing its total funding to over $21 million. This investment follows a successful 1.4M SUI NFT art campaign on the Sui blockchain, which set a new record. Ika is distinguished as the first sub-second MPC network, facilitating zero-trust interoperability between blockchains at an unprecedented scale, involving hundreds of signer nodes with robust security measures.

Ika's technology aligns seamlessly with Sui's core values of performance, speed, and decentralization. By launching on the Sui blockchain, Ika brings its advanced MPC technology to empower Sui Move smart contract developers with secure interoperability across the entire Web3 ecosystem. This development solidifies Sui's position as a leading solution for cross-chain DeFi, decentralized custody, Chain Abstraction, AI agent guardrails, native Bitcoin programmability, and more, utilizing the first truly scalable and secure MPC signing solution.

Ika's innovative 2PC-MPC cryptographic scheme, combined with Sui’s Mysticeti consensus protocol, addresses critical limitations in existing MPC networks. This results in unprecedented performance, including record-breaking throughput, minimal latency, extreme scalability, and zero-trust security. Ika can process transactions up to 10,000 times faster than current MPC networks, generate signatures at sub-second speeds, and scale to hundreds or even thousands of signers without compromising performance. This ensures that user assets remain secure even in the worst-case scenarios, setting a new standard in decentralized security.

Ika's ultra-fast MPC network powers a wide range of applications on the Sui blockchain, with multiple Sui builders already integrating Ika's technology. These applications include DeFi interoperability, decentralized custody, Chain Abstraction, programmable Bitcoin, and AI agent guardrails. Sui builders such as Full Sail, Rhei, Aeon, Human Tech, Covault, Lucky Kat, Native, Nativerse, Atoma, and Ekko have announced their upcoming launches utilizing Ika, highlighting its potential to revolutionize various aspects of the Web3 ecosystem.

The strategic investment from the Sui Foundation underscores Sui's commitment to fostering cutting-edge technologies that advance its mission of high performance and decentralization. This investment strengthens the technical synergy within the Sui ecosystem, positioning both Sui and Ika at the forefront of the Web3 revolution. With over $21 million in funding and a peak private valuation of $600M FDV, Ika is backed by dozens of key players in the Web3 space, including Sui Foundation, DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, FalconX, Tykhe Block Ventures, Lightshift, Token Bay Capital, Collider, Zero Knowledge Ventures, NoLimit Holdings, Rubik Ventures, Dispersion Capital, Insignius Capital, Impatient Ventures, Cerulean Ventures, Earl Grey Capital, HDI Ventures, Flowdesk, TPC Ventures, Purechain Capital, Solr DAO, Heroic Ventures, Naval Ravikant, NotVCs, G-20 Group, Artifact Capital, DSRV, Encapsulate and many more.

Ika's strong adoption from Sui users was demonstrated through the "MF Squid Market" NFT art campaign, the largest and most successful NFT campaign in Sui history, receiving over 1.4M SUI. This campaign created a strong and active grassroots community, further solidifying Ika's position in the Web3 space. The IKA token, set to launch natively on the Sui blockchain, will unlock new functionality and utility in decentralized security. As the native token of the Ika MPC network, IKA will play a pivotal role in powering its ultra-fast, scalable infrastructure, serving as the means to pay for MPC signing services and enabling seamless transactions across the Web3 space. By leveraging Sui’s unmatched speed and performance, Ika enhances the overall security and scalability of the ecosystem, adding the most promising MPC technology in blockchain to the fastest-growing L1 in Web3.

Ika is the fastest parallel MPC network, offering sub-second latency, unprecedented scale and decentralization, and zero-trust security. As the premier choice for interoperability, decentralized custody, and chain abstraction, Ika is set to revolutionize digital asset security and multi-chain DeFi. Sui, a first-of-its-kind Layer 1 blockchain and smart contract platform, is designed to make digital asset ownership fast, private, secure, and accessible to everyone. Based on the Move programming language, its object-centric model enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost, making it a platform on which creators and developers can build amazing, user-friendly experiences.