Utila, a digital asset operation platform, has collected $ 18 million in a Serie A Round to expand its Multi-Party Computation (MPC) wallet solutions that the institutional demand to control digital assets is increasing, the company Coindesk said.

Nyca Partners led the round with the participation of Wing VC, NFX, Haymaker Ventures, Gaingels and Cerca Partners. The latest round brings the total venture capital financing to about $ 30 million since coming from Stealth last year.

Utila has experienced a fresh wave of demand for digital asset infrastructure, as payment providers, fintech companies and neobanks are increasingly using digital assets, including stablecoins and tokenized assets in their operations, Bentzi Rabi, co-founder and CEO of Utila said in an interview.

With long -term security concerns when managing digital assets withdrawn in the spotlight of Crypto Exchange Bybit’s utilization of $ 1.5 billion, “organizations do not have many opportunities today,” Rabi said.

“They either use outdated institutional wallets that lack key features or simple wallets that are not enterprise-ready,” Rabi added.

Its platform utilizes Multiparty Computation (MPC) technology that shares a private key across multiple parties, reducing the risk of a single error. It also contains insurance coverage against security threats and loss of assets, business continuity, which offers mirror functions that already have a service in place.

The company’s platform has handled $ 8 billion in monthly digital asset transactions, Rabi said, a significant bump from the $ 3 billion in three months at the beginning of 2024.

Funding will help the Utility to expand globally and improve its product offerings, including advanced gas management, API integrations and smart contract support.