Useful, a digital asset operations platform, has raised $ 18 million in a round of series A to expand its multiple computing wallet solutions (MPC) as institutional demand to manage digital assets is raised, the company told Coinridesk.
Nyca Partners led the round, with the participation of Wing VC, NFX, HayMaker Ventures, Gaingels and near Partners. The last round carries the total financing of the Risk Capital of the startup to around $ 30 million, since it emerges from the stealth last year.
Utary has experienced a new wave of demand for digital asset infrastructure, since paying suppliers, Fintech companies and neobanks use more and more digital assets, including stables and tokenized assets in their operations, Bentzi Rabi, co -founder and CEO of Utila, said in an interview.
With persistent security concerns in the management of digital assets, once again it stopped at the Crypto Exchange Bybit exploit of $ 1.5 billion, “organizations do not have many options today,” Rabi said.
“They are using obsolete institutional wallets that lack key features or simple wallets that are not prepared for the company,” Rabi added.
Its platform takes advantage of multiparty computing technology (MPC), which divides a private key into multiple parts, reducing the risk of a single failure point. It also has insurance coverage against security threats and asset losses, offer of business continuity to the reflection characteristics that already have a service.
The company’s platform has managed $ 8 billion in monthly transactions of digital assets, said Rabi, a considerable increase of the $ 3 billion in three months in early 2024.
Financing will help use to expand worldwide and improve their product offers, including advanced gas management, API integrations and intelligent contract support.
