Utila Secures $18 Million in Funding as Institutional Interest in Digital Asset Management Grows
Utila, a digital asset infrastructure provider, has successfully raised $18 million to enhance its wallet services amidst a rising demand from institutions for managing digital assets.
Utila, a platform focused on digital asset operations, has raised $18 million in a Series A funding round to enhance its multi-party computation (MPC) wallet services in response to growing institutional demand for managing digital assets and stablecoins.
Key Highlights:
- The platform has processed $8 billion in transactions over the past month, CEO Bentzi Rabi reported.
- Fundraising led by Nyca Partners, with contributions from Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners, brings total funding to around $30 million since its inception.
- Increased demand from payment processors, fintech firms, and neobanks adopting digital assets, including stablecoins and tokenized assets, has been observed.
Rabi expressed that organizations are struggling with outdated institutional wallets that are not equipped with the required features or are using basic wallets that are unsuitable for enterprise applications.
Utila aims to utilize the funding for global expansion and to advance its product offerings, which include improved gas management, API integrations, and support for smart contracts.
