A digital asset operations platform has successfully secured $18 million in a Series A funding round aimed at amplifying its multi-party computation (MPC) wallet solutions. This move comes in response to the increasing institutional interest in handling digital assets, according to information shared with CoinDesk.
Nyca Partners spearheaded the investment round, with additional funding from Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners. This latest influx brings the total venture capital raised by the startup to approximately $30 million since it transitioned out of stealth mode last year.
As payment processors, fintech companies, and neobanks progressively adopt digital assets—including stablecoins and tokenized assets—there has been a noticeable spike in demand for digital asset infrastructure, remarked Bentzi Rabi, co-founder and CEO of the platform, during an interview.
In light of ongoing security issues surrounding digital asset management, recently highlighted by the crypto exchange Bybit’s $1.5 billion security breach, Rabi noted, “Organizations today find their options quite limited.”
“They are often stuck with outdated institutional wallets that lack essential functionalities or simple wallets that aren’t suited for enterprise use,” Rabi further commented.
The platform employs multi-party computation (MPC) technology, which divides a private key among multiple parties, thereby minimizing the risk associated with a single point of vulnerability. Additionally, it includes insurance provisions against security threats and asset loss, along with business continuity features that align with existing service offerings.
Rabi also mentioned that the company’s platform has facilitated $8 billion in digital asset transactions on a monthly basis, a significant increase from the $3 billion recorded just three months earlier in early 2024.
This funding will be instrumental in allowing the company to broaden its global reach and enhance its product suite, which will include advanced gas management, API integrations, and smart contract capabilities.