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

Ika, a pioneering parallel MPC network, has announced a strategic investment from the Sui Foundation, bringing 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, enabling zero-trust interoperability between blockchains at an unprecedented scale, with hundreds of signer nodes ensuring ironclad security.

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

Ika leverages the novel 2PC-MPC cryptographic scheme and Sui’s Mysticeti consensus protocol to overcome 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 more than current MPC networks, generate signatures at sub-second speed, and scale to hundreds or even thousands of signers without compromising performance. Its architecture ensures 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. Multiple Sui builders are already integrating Ika into their technology, including Full Sail and Rhei for DeFi interoperability, Aeon and Human Tech for decentralized custody, Covault and Lucky Kat for Chain Abstraction, Native and Nativerse for programmable Bitcoin, and Atoma and Ekko for AI agent guardrails. These integrations highlight Ika's potential to revolutionize various aspects of Web3, from secure and instant operations across all ecosystems to enhanced AI applications with secure MPC guardrails.

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 success is further evidenced by the strong adoption from Sui users, who launched 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, demonstrating Ika's potential to drive user engagement and adoption.

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 step-function advancement in blockchain technology.