Utila Secures $18M in Series A Funding, Boosts Institutional Crypto Wallet Services
1min read Utila, a leading institutional crypto wallet provider, has successfully completed an $18 million Series A funding round. The round was led by Nyca Partners, with additional support from wing vc, NFX, haymaker Ventures, gaingels, and Cerca Partners. This investment brings Utila's total venture capital to approximately $30 million since its establishment last year. The funds will be used to expand Utila's multi-party computing (MPC) wallet services, which are in high demand among institutional investors seeking secure and efficient digital asset management solutions.
The financing round highlights the growing interest and confidence in the digital asset sector, particularly among institutional players. Utila's CEO, Bentzi Rabi, noted the increasing adoption of digital assets, including stablecoins and tokenized assets, by payment providers, fintech companies, and emerging banks. This trend is driven by the need for secure, efficient, and scalable solutions for managing digital assets. Utila's platform has shown significant growth, processing $8 billion in digital asset transactions per month, up from $3 billion at the beginning of 2024. The new funding will enable Utila to further expand its global market presence and enhance its product offerings, focusing on advanced Gas management, API integration, and smart contract support. These enhancements aim to provide a more robust and user-friendly experience for institutional clients, ensuring Utila remains a leader in the digital asset management landscape.
Last year, Utila completed a $11.5 million seed round of financing, led by Framework Ventures and other investors. This earlier round of funding laid the groundwork for Utila's rapid growth and development, positioning the company as a leader in the institutional crypto wallet space. The latest Series A funding round is a testament to Utila's continued success and its commitment to innovation in the digital asset sector. The investment underscores the growing demand for institutional-grade digital asset management solutions and Utila's ability to meet this demand with its advanced MPC wallet services. As the digital asset sector continues to evolve, Utila is well-positioned to capitalize on the growing interest and adoption of digital assets by institutional investors.
