Quick take:
Utila plans to use the fresh capital to expand its multi-party computation (MPC) wallet solutions.
The latest round brings the total raised from VCs by the Web3 startup to $30 million.
The fundraising comes amid rising demand for digital asset infrastructure services as more traditional financial institutions embrace crypto payments.
Utila has completed an $18 million Series A round led by Nyca Partners, with participation from Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners.
The Israeli crypto startup plans to use the fresh capital to expand its multi-party computation (MPC) wallet solutions. The latest round brings the total raised from VCs to $30 million since emerging from stealth with $11.5 million last year.
The expansion will allow the company to meet the rising institutional demand for digital assets, Utila told CoinDesk. According to the announcement, the crypto wallet service provider has experienced an increase in demand for its product as more payment providers, fintech firms and neobanks embrace crypto payments.
Commenting on the announcement, Bentzi Rabi, co-founder and CEO of Utila highlighted crypto exchange Bybit’s recent $1.5 billion hack as a demonstration of why multi-party computation crypto wallet solutions are essential for the institutional adoption of digital assets.
“Organizations don’t have many options today,” said Rabi, adding “They’re either using outdated institutional wallets that lack key features or simple wallets that aren’t enterprise-ready.”
Multi-party computation is crypto wallet technology that enhances asset security by splitting private keys across multiple parties. Rabi said his company has handled $8 billion in monthly digital asset transactions, a significant spike from $3 billion registered in three months in 2024.
Some of the targeted areas of advancement during the company’s global expansion campaign include gas management, API integrations, and smart contract support.
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