Crypto Wallet Provider Utila Raises $18M Amid Rising Institutional Demand for Digital Asset Management

The crypto infrastructure provider has handled $8 billion in transactions within a month, CEO Bentzi Rabi revealed in an interview.

Key Takeaways:

• Utila, a digital asset operations platform, secured $18 million in a Series A funding round to scale its multi-party computation (MPC) wallet services, driven by rising institutional interest in digital asset management.
• The company has seen increased demand for digital asset infrastructure as payment providers, fintech firms, and neobanks integrate stablecoins and tokenized assets into their operations, according to CEO Bentzi Rabi.
• The new funding will support global expansion and product enhancements, including advanced gas management, API integrations, and smart contract functionality.

Utila, a digital asset operations platform, secured $18 million in a Series A funding round to scale its multi-party computation (MPC) wallet solutions amid growing institutional interest in digital asset management.

The round was led by Nyca Partners, with additional backing from Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners. Since emerging from stealth last year, Utila has raised approximately $30 million in total venture funding.

Utila is seeing a surge in demand for digital asset infrastructure as payment providers, fintech firms, and neobanks increasingly integrate stablecoins and tokenized assets into their operations, according to co-founder and CEO Bentzi Rabi.

Utila’s platform addresses security concerns in digital asset management, an issue recently highlighted by Bybit’s $1.5 billion exploit.

"Organizations don’t have many options today," said CEO Bentzi Rabi. "They’re either using outdated institutional wallets that lack key features or simple wallets that aren’t enterprise-ready."

Utila utilizes multiparty computation (MPC) technology, which distributes private key control among multiple parties to minimize the risk of a single point of failure. The platform also offers insurance coverage against security threats, asset losses, and business continuity solutions for enterprises.

Rabi noted that Utila has processed $8 billion in digital asset transactions in a month, a significant increase from $3 billion over three months in early 2024.

The newly raised funds will support global expansion and product enhancements, including advanced gas management, API integrations, and smart contract support.