Utila Raises $11.5 Million for Institutional-Grade Non-Custodial Wallet

NFX, Wing VC and Framework Ventures were among those who participated in the seed round.
Image source: utila.io

Quick take:

  • Balaji Srinivasan, Charlie Songhurst and Surojit Chatterjee joined as angel investors.
  • Utila offers a chain-agnostic non-custodial wallet that developers and institutions can use to manage their crypto assets on-chain.
  • The company’s enterprise-scale self-custody wallet currently supports the Bitcoin, Ethereum, EVM-compatible chains and Solana networks.

Enterprise-grade non-custodial crypto services provider Utila has closed an $11.5 million seed round that attracted participation from NFX, Wing VC and Framework Ventures, among others. Notable web3 investors and founders Balaji Srinivasan, Charlie Songhurst and Surojit Chatterjee also joined as angel investors.

Utila offers a chain-agnostic non-custodial crypto wallet that enables institutions and developers to control and manage their digital assets across multiple networks. The platform currently supports integrations across the Bitcoin, Ethereum, Ethereum-Virtual Machine (EVM)-)-compatible chains, and Solana networks.

According to the announcement, Utila claims its service is easy to use, with new users able to sign up and begin using the platform within five minutes. Utila uses multi-party computation (MPC) technology to separate private keys and allocate them to multiple parties, enabling non-custodial crypto asset management.

Commenting on the announcement, Utila co-founder and CEO Bentzi Rabi said in a statement: “Utila is more than just a crypto wallet; it’s a comprehensive ecosystem that addresses the current challenges in the crypto asset management space.”

The company’s platform is used across the financial services industry servicing hedge funds, over-the-counter (OTC) platforms, market makers and brokerages.

NFX General Partner Morgan Beller commented: “Utila is making enterprise-grade wallets more accessible, usable and secure than ever before.”

This announcement comes at a time when crypto institutionalisation is gathering pace. Arriving on the back of the crypto winter, multiple financial institutions including the UK’s Standard Chartered, Germany’s DZ Bank AG, and Paris-based BNP Securities Services use Ripple-owned Metaco’s crypto custody solution.

On the other hand, Citigroup, HSBC, JPMorgan and PayPal have identified private token services as their gateway to crypto.


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