Utila Debuts Institutional Crypto Operations Platform with $3B in Transactions in 6 Months
$3B in Transactions in 6 Months
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Case Studies
Próspera, a visionary governance platform, is at the forefront of driving the development of new cities in special economic zones (SEZs).
Treasury Management
New city development platform
Washington DC, USA
COO
prospera.co
Chief Operating Officer
Establishing a Special Economic Zone (SEZ) demands reliable financial infrastructure for attracting and supporting a diverse array of businesses at scale. Utila emerged as an ideal solution for us, facilitating crypto-based payments, invoicing, and tax solutions for companies in the burgeoning St. John’s Bay. The simplicity of Utila’s policy engine, coupled with its cross-chain and batch payment support, effectively addressed the challenges we encountered with other multi-sig wallets. This not only unlocked significant value but also greatly enhanced the overall user experience.
About Próspera
By combining a pro-business framework and a unique regulatory choice system, Próspera ensures that companies in these SEZ cities enjoy the most favorable global regulatory conditions, fostering job creation and prosperity. The ultimate goal is to shape these cities into the “world’s most innovative startup cities.”
In 2020, Próspera successfully launched its pilot city, St. John’s Bay, situated on the island of Roatán in Honduras. The results were remarkable, with new businesses in St. John’s Bay experiencing a significant 38% growth from 2021, and e-residents surging by an impressive 86% by 2022. Buoyed by this success, Próspera is now focused on optimizing its financial infrastructure to sustain and support continued growth.
The Challenge
Próspera aspires to make St. John’s Bay the western counterpart to Dubai or Hong Kong. Faced with the limitations of Honduras’ traditional finance system and notable local crypto adoption, Próspera recognized that cryptocurrency could play a vital role here. Seeking dependable crypto infrastructure to facilitate seamless invoicing, payroll, and tax payments for businesses at various stages of growth – from inception to scale – became imperative.
Initially relying on multi-sig wallets, Próspera encountered challenges, such as chain-specific limitations leading to accidental fund transfers to the wrong chain. Additionally, first-time crypto users, including attracted businesses and employees, grappled with security oversights like insecurely storing seed phrases.
To overcome these hurdles, Próspera’s COO, Daniel Frazee desired an error-proof, full-stack solution. He sought chain-agnostic wallets with minimal complexities and the simplest possible UX to meet companies’ payment needs; the goal was a user-friendly experience that rivaled or surpassed what U.S. startups were experiencing.
Discovering Utila marked a turning point. Utila presented an intuitive, easily configurable platform with chain-agnostic MPC wallet infrastructure, precisely addressing Próspera’s needs for supporting businesses in St. John’s Bay.
The Solution
And More:
A simple, secure wallet setup devoid of cumbersome seed phrases, facilitating seamless and routine transfers to or from trusted address groups through batch payments.
A single, secure wallet solution with multi level approval and escalation flows based on custom quorums, ensuring compliance and governance.
Access any DeFi protocol app for decentralized lending, staking and trading, as well as cross-chain swaps and payment apps, while maintaining full control through policy settings.
Fast, on-demand support for adding new emerging blockchains, such as Solana, and a wide range of dApps, to execute cross-chain DeFi strategies seamlessly.
Próspera adopted Utila in 2023 and swiftly found it to be an ideal solution that perfectly aligned with their requirements. The enterprise-grade crypto operations platform’s chain-agnostic MPC wallets eliminated both cross-chain payment errors and the need for dealing with seed phrases.
Utila’s straightforward WalletConnect integration not only streamlined the processes but also broadened capabilities by enabling seamless utilization of apps like Request Finance – the all-in-one finance solution for Web3 businesses – and other cross-chain swap applications. This marked a pivotal enhancement in usability and an overall improvement in user experience.
Now, companies attracted by Próspera to St John’s Bay can operate effortlessly from day one with Utila’s MPC-based wallets and crypto operations platform. Even in cases of sending payments to the wrong chain, Utila’s chain-agnostic wallets route them to the correct destination Utila wallet. This not only enhances customer UX but also internal UX, as both can easily use Utila’s batch payments to pay vendors or employees, including Próspera’s 30% of employees receiving payments in USDC.
Utila addressed all our needs. It stands out as an affordable package that offers unparalleled functionality. Its user-friendly design and versatility in facilitating batch payments, cross-chain transfers, access to various dApps, and now, Solana support, have proven immensely valuable for us.
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