Crypto Platform Utila Raises $11.5 Million in Seed Funding Round

According to PANews, institutional crypto platform Utila has completed an $11.5 million seed funding round, co-led by NFX and Wing VC, with participation from Framework Ventures and angel investors, including Balaji Srinivasan, Charlie Songhurst, and Surojit Chatterjee. A Utila spokesperson stated that the funds, raised in 2023, will be used to accelerate product development and expand the current 25-member team. Utila declined to disclose its valuation or comment on the round's structure. Utila enables institutions and developers to securely manage digital assets through its non-custodial, blockchain-agnostic wallet. The company claims that the platform has been used by dozens of institutional investors and native cryptocurrency firms, facilitating over $3 billion in transactions in the past six months. Utila's non-custodial wallet allows organizations to retain control of their assets across various networks, including Bitcoin, Ethereum, Ethereum Virtual Machine-compatible chains, and Solana. The platform is supported by multi-party computation (MPC) key management and claims to provide startup services in less than five minutes, integrating with clients' trading accounts, DeFi, and bank accounts.