Digital assets operations platform Utila has raised $18 million to help it cash in on the rising popularity of stablecoins.
The Series A round was led by Nyca Partners, with participation from Wing VC, NFX, Haymaker Ventures, Gaingels and Cerca Partners.
As stablecoin transfers surpass payment networks, organisations are turning to Utila’s enterprise-grade digital assets operations platform to move value seamlessly.
In the last 18 months, the company has secured $35 billion in digital asset transactions and engaged hundreds of global clients.
The funding will be used to scale global operations to meet demand for its institutional multi-party computation (MPC) wallets and expand its R&D efforts.
“Utila’s mission is to be the leading institutional-grade wallet for this new era, which requires an entirely new set of product capabilities such as efficient gas management, scalable APIs, deep support for smart contract interactions and connectivity to banking rails,” says Bentzi Rabi, CEO, Utila.