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Tel Aviv, Israel — Utila, an enterprise-grade crypto operations platform, today announced $11.5M in seed funding from NFX, Wing VC, Framework Ventures, and other leading web3 and fintech VC funds and prolific angel investors including Balaji Srinivasan, Charlie Songhurst and Surojit Chatterjee.
Utila allows institutions and developers to manage their digital assets with its non-custodial, secure, and chain-agnostic wallet. Utila’s platform is already used by dozens of leading institutional investors and crypto-native firms to store and transact billions of dollars.
As companies of all sizes and industries continue to adopt crypto, they face a myriad of operational, regulatory and security issues. From unauthorized access by personnel to cybersecurity incidents, billions of dollars are at stake.
Up until now, enterprise crypto wallets have not been very accessible because they are bogged down by: complex user experience, poor developer offering, lengthy implementation processes and heavy reliance on inaccessible customer support reps.
“Switching to Utila from traditional custodial trust companies was a pivotal moment for 1Konto, addressing key challenges with an innovative and efficient solution. Our experience with Utila has been transformative; their platform’s seamless integration into our daily operations has not only been straightforward but also a delight, thanks to their intuitive UI/UX that significantly reduces the learning curve and allows for quicker settlements with clients.
The integration process via API for round-the-clock fund flows further enhances our settlement speeds, streamlining operations like never before. Utila’s commitment to fast delivery of product improvements and a customer-centric approach, where feedback loops directly influence feature development, has added immense value to our operations. We’re excited about the potential this partnership unlocks for us as we move towards a more integrated, efficient future in financial services.” said Edwin Handschuh, Co-founder and CEO of 1konto, one of the many customers of Utila.
Utila’s Solution: Secure Self-custody at Enterprise Scale
Utila eliminates the complexity of managing digital assets with an all-in-one self-custody wallet platform that gives companies complete control of their digital assets across various chains including Bitcoin, Ethereum, EVM chains, Solana, and many others under one umbrella.
It offers a secured wallet infrastructure that removes complexity without compromising security. It is built for a simplified user experience and is also powerful enough for institutions.
The platform is powered by MPC key management, a robust self-serve policy engine, and a seamless user experience. It’s not just a reinvention, but a radical rethinking of enterprise-grade crypto wallets: super fast onboarding (less than 5 minutes), top-notch security, intuitive UX, integrations to exchange accounts, DeFi and bank accounts, and transparent fees.
Among the long list of Utila’s customers can be found leading hedge funds, OTC desks, market makers, and prime brokers utilizing Utila for their trading operations, as well as crypto-native organizations like custodians, exchanges, and token issuers leveraging Utila infrastructure as a tech provider, or even businesses who manage crypto payments.
Another customer segment that the company has recently started to serve is token issuers, by adding advanced tokenization capabilities.
Co-founders of Utila: Sam Eiderman (CTO) and Bentzi Rabi (CEO)
Bentzi Rabi, Co-founder & CEO of Utila, stated:
“Utila is more than just a crypto wallet; it’s a comprehensive ecosystem that addresses the current challenges in the crypto asset management space. We are setting a new standard for institutional cryptocurrency wallets, delivering a sophisticated yet user-friendly platform that ensures the highest level of security and efficiency for managing digital assets.”
Morgan Beller, General Partner at NFX, explained:
“Utila is making enterprise-grade wallets more accessible, usable and secure than ever before. Bentzi and Sam have the perfect blend of cybersecurity and finance backgrounds to develop this revolutionary product.”
Other investors include Fansanara Digital Ventures, North Island Ventures, Republic Capital, Liquid2, Inspired Capital, Lyrik Ventures, DCG Expeditions, Launchpad Capital, Shima Capita, K5 Global, Big Brain Holdings, Impatient, and leading angel investors from a16z, Coinbase, and other organizations.
About
Founded in 2022, Utila is an enterprise-grade crypto operations platform. The company enables institutional investors, trading firms, and platforms to manage their digital assets efficiently with its highly-secure, non-custodial, and chain-agnostic wallet infrastructure. Utila is on a mission to make enterprise-grade wallets more accessible, secure and usable. Learn more at https://utila.io/
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