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Steve Muchoki
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Utila, a Tel Aviv-based institutional-grade crypto wallet provider, announced that it successfully raised $11.5 million in its seed funding round. According to the announcement, Utila’s seed funding round was led by NFX, Wing VC, Framework Ventures, and also prolific angel investors including Balaji Srinivasan, Charlie Songhurst, and Surojit Chatterjee.
As a result, Utila is now well-positioned to build a competitive institutional-grade non-custodial crypto wallet amid the mass adoption of digital assets and web3 products.
“We are setting a new standard for institutional cryptocurrency wallets, delivering a sophisticated yet user-friendly platform that ensures the highest level of security and efficiency for managing digital assets,” Bentzi Rabi, Co-founder and CEO of Utila, noted.
Utila Market Check
Founded in 2022, Utila has attracted the attention of major Web3 investors, including Coinbase Global Inc (NASDAQ: COIN) and a16z. With the funds from the seed funding round, Utila will enable institutional investors to seamlessly manage their digital assets through a multi-chain and non-custodial platform.
Already, Utila has attracted top-tier institutional customers including hedge funds, market makers, OTC desks, and prime brokers. Notably, the company indicated that it has onboarded 35 institutions and digital assets firms to date. According to the company’s website, Utila recorded $3 billion in transactions over the past six months, an indication of the growing popularity of multiparty computational (MPC) tech.
In a bid to ensure sustainable future growth prospects, Utila recently integrated enhanced tokenization capabilities to enable enterprises to issue better token systems.
“Switching to Utila from traditional custodial trust companies was a pivotal moment for 1Konto, addressing key challenges with an innovative and efficient solution,” Edwin Handschuh, Co-founder and CEO of 1konto, one of the many customers of Utila, noted.
Web3 Industry Growth Factor
The mainstream adoption of digital assets and blockchain technology has been expedited by the multi-chain web3 space over the past few years. However, a lot of work and education are still needed to onboard billions of investors from the traditional banking sector to the Web3 ecosystem.
Some of the notable chains integrated with the Utila platform include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and all EVM-compatible chains, among many others.
The palpable growth in real-world asset (RWA) tokenization over the past year is expected to push the global cryptocurrency market cap into tens of trillions of dollars. Furthermore, anyone can now tokenize real-world assets like government bonds, real estate, and the stock market among others.
Consequently, Utila is well positioned to grow further in the coming two years amid the confirmed crypto bull market.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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