Crypto Wallet Provider Utila Raises $18M Amid Growing Institutional Demand for Digital Assets

Cryptocurrency wallet provider Utila raises $18 million as institutional interest in digital asset management increases

The company's CEO Benzi Rabie told CoinDesk in an interview that the crypto infrastructure provider processed $8 billion in transactions in a month.

Christian Sandor | Edited by Parikshit Mishra Updated Mar 19, 2025 15:03 UTC Published Mar 19, 2025 12:00 UTC

Key points:

• Digital asset platform Utila has raised $18 million in a Series A funding round to expand its multi-party computing (MPC) wallet service amid growing institutional interest in digital asset management and stablecoins.
• The company has seen a new surge in demand for digital asset infrastructure as payment service providers, fintechs and neobanks increasingly adopt digital assets, including stablecoins and tokenized assets, CEO Benzi Rabie said.
• The funds raised will be used to globally expand and improve the product range, including more advanced gas management, API integration and smart contract support.

Utila, a digital asset trading platform, has raised $18 million in a Series A round to expand its multi-party computing (MPC) wallet solutions as institutional demand for digital asset management skyrockets, CoinDesk reported.

Nyca Partners led the round, which also included Wing VC, NFX, Haymaker Ventures, Gaingels, and Cerca Partners. The round brings the startup’s total venture funding to $30 million since its return to the market last year.

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Benzi Rabi, co-founder and CEO of Utila, said in an interview that the company has seen a new surge in demand for digital asset infrastructure as payment service providers, fintechs and neobanks increasingly embrace digital assets, including stablecoins and tokenized assets.

“Given the ongoing security concerns around digital asset management, which have come to the fore again following the $1.5 billion hack of cryptocurrency exchange Bybit, there are not many options for institutions right now,” Rabie said.

“They either resort to outdated institutional wallets that lack key features, or use simple wallets that are not ready for business use,” he added.

The platform uses multi-party computing (MPC) technology, which shares the private key between multiple parties, reducing the risk of a single point of failure. Insurance coverage against security threats and asset loss is also available, as well as business continuity through mirroring functions that are already included in the service.

The platform processes $8 billion in digital asset transactions monthly, a significant increase from $3 billion in three months in early 2024, Rabie said.

The funds raised will help Utila expand its international presence and improve its product range, including more advanced gas management, API integration and smart contract support.

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